Annaly Capital Management, Inc. (Nly): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe d'Annaly Capital Management, Inc. (NLY), une puissance des fiducies d'investissement immobilier hypothécaires qui transforment les stratégies financières complexes en opportunités lucratives pour les investisseurs. Avec une approche sophistiquée des titres adossés à des créances hypothécaires et un modèle commercial axé sur le laser, Nly offre un paysage d'investissement convaincant qui équilibre la gestion des risques professionnels avec un potentiel de dividende attrayant. Que vous soyez un investisseur institutionnel ou un individu avisé qui cherche un revenu passif, la compréhension du modèle de modèle commercial de Nly révèle les machines stratégiques derrière l'un des acteurs les plus intrigants du secteur des services financiers.

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: partenariats clés

Entreprises parrainées par le gouvernement (Fannie Mae, Freddie Mac)

Annaly Capital Management maintient des partenariats critiques avec les entreprises parrainées par le gouvernement (GSE), notamment:

Partenaire GSE	Total Agency MBS Holdings	Pourcentage de portefeuille
Fannie Mae	57,3 milliards de dollars	42.6%
Freddie Mac	38,9 milliards de dollars	28.9%

Banques d'investissement et concessionnaires de valeurs mobilières

Les principaux partenariats de banque d'investissement comprennent:

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

Partenaire	Volume de trading	Type de relation
Goldman Sachs	12,4 milliards de dollars	Concessionnaire principal
Morgan Stanley	9,7 milliards de dollars	Concessionnaire secondaire

Originaires de prêts hypothécaires

Partenariats d'origine du prêt hypothécaire primaire:

• Wells Fargo
• Prêts accélérés
• Hypothèque de mouvement

Auteur	Volume de prêt annuel	Durée du partenariat
Wells Fargo	285 milliards de dollars	Plus de 10 ans
Prêts accélérés	145 milliards de dollars	7 ans

Fournisseurs de services de technologie financière

Partenariats technologiques pour la gestion des risques et les plateformes de trading:

• Bloomberg
• Blackrock Aladdin
• Infacturation

Fournisseur de technologie	Coût du service annuel	Service primaire
Bloomberg	24 millions de dollars	Données sur le marché
Blackrock Aladdin	18,5 millions de dollars	Gestion des risques

Agences de notation de crédit

Partenariats de l'agence de notation de crédit pour l'évaluation des risques:

• Moody's
• Standard & Pauvre
• Cotes de fitch

Agence	Frais de notation annuels	Note actuelle
Moody's	1,2 million de dollars	Baa2
S&P	1,1 million de dollars	BBB

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: activités clés

Investissement en valeurs mobilières adossé à des hypothèques

Au quatrième trimestre 2023, Annaly Capital Management a tenu un Portefeuille de valeurs mobilières (MBS) de 88,4 milliards de dollars. L'entreprise se concentre principalement sur les titres adossés à des hypothèques résidentielles d'agence, qui portent garanties d'agence gouvernementale.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
MBS à taux fixe d'agence	74,2 milliards de dollars	83.9%
MBS à taux réglable de l'agence	14,2 milliards de dollars	16.1%

Gestion des risques de taux d'intérêt

Annaly utilise des stratégies de couverture de taux d'intérêt complexes avec un Valeur notionnelle totale des contrats dérivés à 52,3 milliards de dollars Au 31 décembre 2023.

• Contrats d'échange de taux d'intérêt: 37,5 milliards de dollars
• Contrats de plafond de taux d'intérêt: 14,8 milliards de dollars

Allocation de capital et optimisation du portefeuille

La société maintient un Ratio de levier de 4,8x avec un Répartition nette d'intérêt de 1,42% au quatrième trimestre de 2023.

Métrique	Valeur
Total des capitaux propres	12,6 milliards de dollars
Actif total	101,2 milliards de dollars

Titrisation des actifs hypothécaires résidentiels

Annaly a participé à 22,7 milliards de dollars d'émissions de titres adossées à des créances hypothécaires En 2023, en mettant l'accent sur les titres garantis par les agences.

Couverture et trading d'instruments financiers dérivés

Le portefeuille dérivé de la société comprend 52,3 milliards de dollars de valeur notionnelle, avec les instruments primaires étant:

• Échanges de taux d'intérêt
• Futures Eurodollar
• Futures du Trésor
• Swaps par défaut de crédit

Type dérivé	Valeur notionnelle	Objectif de couverture
Échanges de taux d'intérêt	37,5 milliards de dollars	Risque de taux d'intérêt
Caps de taux d'intérêt	14,8 milliards de dollars	Protection des taux

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: Ressources clés

Capital financier substantiel pour l'investissement

Au quatrième trimestre 2023, Annaly Capital Management a maintenu:

Actif total	Total des capitaux propres des actionnaires	Valeur du portefeuille d'investissement
94,2 milliards de dollars	11,3 milliards de dollars	87,6 milliards de dollars

Équipe de gestion et d'investissement expérimentées

Composition clé du leadership:

• Total des employés: 192
• Pureur exécutif moyen: 8,6 ans
• Professionnels de l'investissement avec plus de 15 ans d'expérience liée à des hypothèques: 76%

Technologie avancée de gestion des risques

Investissement de gestion des risques	Systèmes technologiques	Budget de conformité annuel
18,4 millions de dollars	5 plateformes d'évaluation des risques propriétaires	6,2 millions de dollars

Connaissances approfondies du marché hypothécaire

Métriques de l'expertise du marché:

• Portefeuille de valeurs mobilières adossé à des hypothèques: 76,3 milliards de dollars
• Titres hypothécaires non agences: 3,4 milliards de dollars
• Couverture du marché géographique: 48 États

Solides capacités d'analyse du crédit et d'analyse financière

Taille de l'équipe d'analyse	Systèmes de modélisation prédictive	Investissement annuel sur les infrastructures de données
42 analystes spécialisés	7 plateformes prédictives avancées	12,7 millions de dollars

Annaly Capital Management, Inc. (Nly) - Modèle d'entreprise: propositions de valeur

Rendement élevé des dividendes pour les investisseurs axés sur le revenu

Au quatrième trimestre 2023, Annaly Capital Management a rapporté un rendement en dividendes de 13,52%, significativement plus élevé que la moyenne du secteur. Le paiement total des dividendes de l'entreprise pour 2023 était 1,04 $ par action.

Métrique du dividende	Valeur 2023
Rendement des dividendes	13.52%
Dividende annuel par action	$1.04
Paiement total des dividendes	1,04 milliard de dollars

Stratégie d'investissement hypothécaire transparent

Annaly gère 84,3 milliards de dollars d'actifs totaux Au 31 décembre 2023, en mettant l'accent sur les titres adossés à des hypothèques.

• Portfolio MBS de l'agence: 76,2 milliards de dollars
• Portfolio MBS non agence: 3,5 milliards de dollars
• Investissements immobiliers commerciaux: 4,6 milliards de dollars

Gestion professionnelle des titres liés aux hypothèques

Le portefeuille d'investissement de la société démontre une gestion sophistiquée:

Catégorie d'investissement	Valeur de portefeuille	Pourcentage de l'actif total
MBS résidentiels d'agence	76,2 milliards de dollars	90.4%
MBS non agences	3,5 milliards de dollars	4.2%
Immobilier commercial	4,6 milliards de dollars	5.4%

Approche d'investissement immobilier diversifié

La diversification des investissements d'Annaly comprend:

• Titres d'agence à taux fixe: 65,3% du portefeuille
• Titres d'agence à taux réglable: 24,7% du portefeuille
• Investissements immobiliers commerciaux: 10% du portefeuille

Potentiel de génération de revenus passive cohérente

Mesures de performance financière pour 2023:

Métrique financière	Valeur 2023
Revenu net d'intérêt	1,92 milliard de dollars
Retour sur l'équité (ROE)	8.7%
Valeur de l'actif net par action	$7.63

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: relations avec les clients

Rapports financiers réguliers et communications des investisseurs

Annaly Capital Management maintient des pratiques d'information financière rigoureuses avec les mesures clés suivantes:

Métrique de rapport	Fréquence	Niveau de détail
Rapport annuel (formulaire 10-K)	Annuellement	Performance financière complète
Rapport trimestriel (formulaire 10-Q)	Trimestriel	États financiers détaillés
Rapports actuels (formulaire 8-K)	Au besoin	Divulgations des événements matériels

Conférences de résultats trimestriels

Annaly effectue des conférences de résultats trimestriels détaillés avec les caractéristiques suivantes:

• Durée moyenne des appels: 60 minutes
• Compte de participants: environ 150-200 investisseurs institutionnels
• Disponibilité en direct
• Session de questions / réponses détaillée avec gestion

Site Web de relations avec les investisseurs complets

Fonctionnalité de site Web	Disponibilité
Présentations financières	PDF téléchargeable
Webdiffusions sur les gains	Archivé pendant 12 mois
Dépôts de la SEC	Archives historiques complètes

Réunions annuelles des actionnaires

Statistiques des principaux actionnaires de l'actionnaire:

• Association annuelle moyenne: 85-100 actionnaires
• Taux de participation au vote: environ 72%
• Présentations de gestion: 2-3 présentations de leadership exécutif

Équipe de support des investisseurs dévoués

Canal de support	Temps de réponse	Méthode de contact
Téléphone des relations avec les investisseurs	Dans les 24 heures	Ligne directe: (212) 696-0100
Assistance par e-mail	Dans les 48 heures	ir@annaly.com

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: canaux

Plateforme de relations avec les investisseurs en ligne

Annaly Capital Management maintient un site Web complet sur les relations avec les investisseurs en ligne avec les mesures clés suivantes:

Fonctionnalité de plate-forme	Détails spécifiques
Trafic	Environ 250 000 visiteurs uniques par an
Documents d'investisseurs numériques	18 rapports financiers trimestriels et annuels disponibles
Engagement des investisseurs en ligne	4 webdiffusions de résultats trimestriels par an

Listes de bourses

Annaly Capital Management se négocie sur l'échange suivant:

• Bourse de New York (NYSE)
• Symbole de ticker: nly
• Capitalisation boursière: 10,2 milliards de dollars (en janvier 2024)

Réseaux de conseil financier

Type de réseau	Métriques d'engagement
Conseillers financiers institutionnels	Plus de 500 relations consultatives actives
Partenariats de courtiers	42 canaux de distribution financier primaires

Plateformes d'investissement institutionnelles

Annaly Capital Management utilise plusieurs canaux d'investissement institutionnels:

• Présence terminale de Bloomberg
• Plateforme S&P Capital IQ
• Intégration directe du Morningstar

Portails de recherche sur les investissements numériques

Portail de recherche	Métriques d'engagement
Recherche d'alpha	7 500 abonnés enregistrés
Yahoo Finance	125,000 profile vues mensuellement
Relations avec les investisseurs du NASDAQ	45 000 profile interactions

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Annaly Capital Management dessert environ 287 investisseurs institutionnels avec un actif total sous gestion (AUM) de 87,3 milliards de dollars en titres adossés à des créances hypothécaires.

Type d'investisseur	Nombre d'investisseurs	Valeur d'investissement totale
Fonds de pension	42	24,6 milliards de dollars
Compagnies d'assurance	63	31,2 milliards de dollars
Banques d'investissement	82	15,5 milliards de dollars

Investisseurs individuels à haute nette

Annaly cible les particuliers à haute naissance avec un minimum de seuils d'investissement de 500 000 $, desservant environ 12 500 investisseurs individuels.

• Investissement individuel moyen: 1,2 million de dollars
• Attribution médiane du portefeuille: 7,3% dans les FPI hypothécaires
• Actif total des investisseurs individuels: 15,9 milliards de dollars

Gestionnaires des fonds de retraite

En 2023, Annaly Capital Management s'est engagé avec 124 gestionnaires de fonds de retraite, ce qui représente 46,7 milliards de dollars d'actifs gérés.

Type de fonds de retraite	Nombre de fonds	Actifs gérés
401 (k) Fonds	62	22,3 milliards de dollars
Fonds de pension d'État	38	16,9 milliards de dollars
Fonds de retraite d'entreprise	24	7,5 milliards de dollars

Portefeuilles d'investissement axés sur le revenu

Annaly dessert 215 portefeuilles d'investissement axés sur le revenu avec un actif total de 53,4 milliards de dollars en 2023.

• Rendement moyen du portefeuille: 9,7%
• Fréquence de distribution de dividendes: trimestriel
• Revenu total généré: 5,2 milliards de dollars

Stratèges d'investissement à revenu fixe

En 2023, Annaly collabore avec 96 stratèges d'investissement à revenu fixe gérant 61,8 milliards de dollars d'actifs.

Focus stratégique	Nombre de stratèges	Actifs gérés
Agence MBS	48	32,6 milliards de dollars
MBS non agences	28	15,2 milliards de dollars
Stratégies hybrides	20	14 milliards de dollars

Annaly Capital Management, Inc. (Nly) - Modèle d'entreprise: Structure des coûts

Intérêts à l'emprunt

Pour l'exercice 2023, Annaly Capital Management a déclaré des intérêts totaux de 2,93 milliards de dollars. Le coût moyen des fonds de l'entreprise était d'environ 4,47%.

Année	Intérêts totaux	Coût moyen des fonds
2023	2,93 milliards de dollars	4.47%

Frais opérationnels et administratifs

En 2023, les dépenses d'exploitation totales d'Annaly Capital Management étaient de 167,5 millions de dollars.

• Compensation et avantages sociaux: 92,3 millions de dollars
• Services professionnels: 24,6 millions de dollars
• Frais généraux et administratifs: 50,6 millions de dollars

Frais de gestion des investissements

Les frais de gestion des investissements de la société pour 2023 ont totalisé 78,4 millions de dollars.

Catégorie de frais	Montant
Frais de gestion de la base	62,1 millions de dollars
Frais de performance	16,3 millions de dollars

Maintenance de technologie et d'infrastructure

Annaly Capital Management a investi 23,7 millions de dollars dans la maintenance technologique et des infrastructures pour 2023.

• Mises à niveau des infrastructures informatiques: 12,5 millions de dollars
• Améliorations de la cybersécurité: 6,2 millions de dollars
• Maintenance logicielle et système: 5,0 millions de dollars

Coût de la conformité et des rapports réglementaires

Les dépenses liées à la conformité pour 2023 s'élevaient à 19,6 millions de dollars.

Catégorie de coût de conformité	Montant
Représentation réglementaire	8,3 millions de dollars
Personnel juridique et conformité	6,9 millions de dollars
Conseil de conformité externe	4,4 millions de dollars

Annaly Capital Management, Inc. (NLY) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Au quatrième trimestre 2023, Annaly Capital Management a déclaré 1,92 milliard de dollars de revenus d'intérêts des titres adossés à des créances hypothécaires. La rupture des revenus des intérêts de l'entreprise montre:

Type de sécurité	Revenu des intérêts ($ m)
MBS à taux fixe d'agence	1,650
Arm d'agence MBS	270

Gains / pertes réalisés du trading du portefeuille

Pour l'exercice 2023, Annaly Capital Management a rapporté:

• Des gains nets réalisés de 127,3 millions de dollars provenant des transactions en valeurs mobilières
• Gain réalisé sur les ventes de MBS de l'agence: 98,6 millions de dollars
• Gains réalisés sur les instruments dérivés: 28,7 millions de dollars

Distributions de dividendes

Détails des revenus de dividendes pour 2023:

Métrique	Montant
Rendement annuel sur le dividende	13.45%
Dividende trimestriel par action	$0.75
Dividende annuel total	3,00 $ par action

Revenu de prépaiement hypothécaire

Revenu du prépaiement pour 2023:

• Revenu total du prépaiement: 45,2 millions de dollars
• Vitesse de prépaiement (RCR): 11,3%
• Taux de pénalité de prépaiement moyen: 0,65%

Marge d'intérêt net du portefeuille d'investissement

Performance de marge d'intérêt net en 2023:

Métrique	Pourcentage
Marge d'intérêt net	1.48%
Répartition entre les intérêts gagnés et les intérêts payés	1.62%
Rendement moyen sur les actifs de gain	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%.