Annaly Capital Management, Inc. (NLY): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Annaly Capital Management, Inc. (Nly), uma potência em fundos de investimento imobiliário hipotecário que transforma estratégias financeiras complexas em oportunidades lucrativas para os investidores. Com uma abordagem sofisticada para os valores mobiliários apoiados por hipotecas e um modelo de negócios focado em laser, a Nly oferece um cenário de investimento atraente que equilibra o gerenciamento de riscos profissionais com um potencial atraente de dividendos. Seja você um investidor institucional ou um indivíduo experiente em busca de renda passiva, a compreensão do modelo de negócios da NLY revela a maquinaria estratégica por trás de um dos jogadores mais intrigantes do setor de serviços financeiros.

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Parcerias -Chaves

Empresas patrocinadas pelo governo (Fannie Mae, Freddie Mac)

A Annaly Capital Management mantém parcerias críticas com empresas patrocinadas pelo governo (GSEs), incluindo:

GSE parceiro	Total da agência MBS Holdings	Porcentagem de portfólio
Fannie Mae	US $ 57,3 bilhões	42.6%
Freddie Mac	US $ 38,9 bilhões	28.9%

Bancos de investimento e revendedores de valores mobiliários

As principais parcerias bancárias de investimento incluem:

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

Parceiro	Volume de negociação	Tipo de relacionamento
Goldman Sachs	US $ 12,4 bilhões	Revendedor primário
Morgan Stanley	US $ 9,7 bilhões	Revendedor secundário

Originadores de empréstimos hipotecários

Parcerias de originação de empréstimos hipotecários primários:

• Wells Fargo
• Quicken empréstimos
• Hipoteca de movimento

Originador	Volume anual de empréstimo	Duração da parceria
Wells Fargo	US $ 285 bilhões	Mais de 10 anos
Quicken empréstimos	US $ 145 bilhões	7 anos

Provedores de serviços de tecnologia financeira

Parcerias de tecnologia para gerenciamento de riscos e plataformas de negociação:

• Bloomberg
• Blackrock Aladdin
• FACTSET

Provedor de tecnologia	Custo de serviço anual	Serviço primário
Bloomberg	US $ 24 milhões	Dados de mercado
Blackrock Aladdin	US $ 18,5 milhões	Gerenciamento de riscos

Agências de classificação de crédito

Rating de crédito Parcerias da agência para avaliação de riscos:

• Moody's
• Padrão & Pobres
• Classificações de Fitch

Agência	Taxas anuais de classificação	Classificação atual
Moody's	US $ 1,2 milhão	Baa2
S&P	US $ 1,1 milhão	BBB

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Atividades -chave

Investimento de valores mobiliários lastreados em hipotecas

A partir do quarto trimestre 2023, a Gerenciamento de Capital Annaly realizou um US $ 88,4 bilhões da agência portfólio de valores mobiliários (MBS) apoiado por hipotecas (MBS). A empresa se concentra principalmente nos valores mobiliários lastreados em hipotecas residenciais da agência, que carregam Garantias da agência governamental.

Categoria de investimento	Valor total	Porcentagem de portfólio
Agência MBS de taxa fixa	US $ 74,2 bilhões	83.9%
MBS de taxa ajustável da agência	US $ 14,2 bilhões	16.1%

Gerenciamento de risco de taxa de juros

Annaly utiliza estratégias complexas de hedge de taxa de juros com um Valor nocional total dos contratos de derivação em US $ 52,3 bilhões em 31 de dezembro de 2023.

• Contratos de troca de taxa de juros: US $ 37,5 bilhões
• Contratos de limite de taxa de juros: US $ 14,8 bilhões

Alocação de capital e otimização de portfólio

A empresa mantém um taxa de alavancagem de 4,8x com um Spread de juros líquidos de 1,42% no quarto trimestre de 2023.

Métrica	Valor
Patrimônio total	US $ 12,6 bilhões
Total de ativos	US $ 101,2 bilhões

Securitização de ativos hipotecários residenciais

Annaly participou de US $ 22,7 bilhões em emissões de valores mobiliários apoiados por hipotecas durante 2023, com foco em títulos garantidos pela agência.

Negociação de instrumentos financeiros de hedge e derivado

O portfólio derivado da empresa inclui US $ 52,3 bilhões em valor nocional, com instrumentos primários sendo:

• Swaps de taxa de juros
• Futuros Eurodollares
• Futuros do Tesouro
• Swaps padrão de crédito

Tipo derivado	Valor nocional	Propósito de hedge
Swaps de taxa de juros	US $ 37,5 bilhões	Risco de taxa de juros
Caps de taxa de juros	US $ 14,8 bilhões	Proteção à taxa

Annaly Capital Management, Inc. (NLY) - Modelo de negócios: Recursos -chave

Capital financeiro substancial para investimento

A partir do quarto trimestre 2023, a Annaly Capital Management mantinha:

Total de ativos	Equidade total dos acionistas	Valor da portfólio de investimentos
US $ 94,2 bilhões	US $ 11,3 bilhões	US $ 87,6 bilhões

Equipe de gestão e investimento experiente

Composição de liderança -chave:

• Total de funcionários: 192
• PRODIÇÃO EXECUTIVO Média: 8,6 anos
• Profissionais de investimento com mais de 15 anos de experiência relacionada à hipoteca: 76%

Tecnologia avançada de gerenciamento de riscos

Investimento em gerenciamento de riscos	Sistemas de tecnologia	Orçamento anual de conformidade
US $ 18,4 milhões	5 plataformas de avaliação de risco proprietárias	US $ 6,2 milhões

Amplo conhecimento do mercado de hipotecas

Métricas de especialização do mercado:

• Portfólio de valores mobiliários lastreados em hipotecas da agência: US $ 76,3 bilhões
• Títulos de hipoteca não agência: US $ 3,4 bilhões
• Cobertura do mercado geográfico: 48 estados

Recursos de crédito e análise financeira fortes

Tamanho da equipe de análise	Sistemas de modelagem preditivos	Investimento anual de infraestrutura de dados
42 analistas especializados	7 plataformas preditivas avançadas	US $ 12,7 milhões

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Proposições de Valor

Alto rendimento de dividendos para investidores focados em renda

A partir do quarto trimestre 2023, a Annaly Capital Management relatou um Rendimento de dividendos de 13,52%, significativamente maior que a média do setor. O pagamento total de dividendos da empresa para 2023 foi US $ 1,04 por ação.

Métrica de dividendos	2023 valor
Rendimento de dividendos	13.52%
Dividendo anual por ação	$1.04
Pagamento total de dividendos	US $ 1,04 bilhão

Estratégia de investimento hipotecário transparente

Annaly gerencia US $ 84,3 bilhões em ativos totais em 31 de dezembro de 2023, com foco em títulos lastreados em hipotecas.

• Portfólio da Agência MBS: US $ 76,2 bilhões
• Portfólio de MBS não agência: US $ 3,5 bilhões
• Investimentos imobiliários comerciais: US $ 4,6 bilhões

Gerenciamento profissional de títulos relacionados a hipotecas

O portfólio de investimentos da empresa demonstra gerenciamento sofisticado:

Categoria de investimento	Valor do portfólio	Porcentagem do total de ativos
Agência MBS residencial	US $ 76,2 bilhões	90.4%
MBS não Agência	US $ 3,5 bilhões	4.2%
Imóveis comerciais	US $ 4,6 bilhões	5.4%

Abordagem diversificada de investimento imobiliário

A diversificação de investimentos de Annaly inclui:

• Títulos de agência de taxa fixa: 65,3% da portfólio
• Títulos de agência de taxa ajustável: 24,7% do portfólio
• Investimentos imobiliários comerciais: 10% do portfólio

Potencial para geração de renda passiva consistente

Métricas de desempenho financeiro para 2023:

Métrica financeira	2023 valor
Receita de juros líquidos	US $ 1,92 bilhão
Retorno sobre o patrimônio (ROE)	8.7%
Valor líquido do ativo por ação	$7.63

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros regulares e comunicações de investidores

A Annaly Capital Management mantém práticas rigorosas de relatórios financeiros com as seguintes métricas -chave:

Métrica de relatório	Freqüência	Nível de detalhe
Relatório Anual (Formulário 10-K)	Anualmente	Desempenho financeiro abrangente
Relatório Trimestral (Formulário 10-Q)	Trimestral	Demonstrações financeiras detalhadas
Relatórios atuais (Formulário 8-K)	Conforme necessário	Divulgações de eventos materiais

Chamadas de conferência de ganhos trimestrais

Annaly realiza chamadas detalhadas de conferência trimestral com as seguintes características:

• Duração média da chamada: 60 minutos
• Contagem de participantes: aproximadamente 150-200 investidores institucionais
• Disponibilidade ao vivo do webcast
• Perguntas e perguntas e respostas detalhadas com gerenciamento

Site abrangente de relações com investidores

Recurso do site	Disponibilidade
Apresentações financeiras	PDF para download
Webcasts de ganhos	Arquivado por 12 meses
Registros da SEC	Arquivo histórico abrangente

Reuniões anuais do acionista

Estatísticas de Reunião dos Principais Acionistas:

• Atendimento anual médio: 85-100 acionistas
• Taxa de participação na votação: aproximadamente 72%
• Apresentações de gerenciamento: 2-3 apresentações de liderança executiva

Equipe dedicada de apoio a investidores

Canal de suporte	Tempo de resposta	Método de contato
Telefone de relações com investidores	Dentro de 24 horas	Linha direta: (212) 696-0100
Suporte por e -mail	Dentro de 48 horas	ir@annaly.com

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Canais

Plataforma de Relações com Investidores Online

A Annaly Capital Management mantém um site abrangente de relações com investidores on -line com as seguintes métricas principais:

Recurso da plataforma	Detalhes específicos
Tráfego do site	Aproximadamente 250.000 visitantes únicos anualmente
Documentos de investidores digitais	18 relatórios financeiros trimestrais e anuais disponíveis
Engajamento online dos investidores	4 webcasts trimestrais de ganhos por ano

Listagens de bolsas de valores

Annaly Capital Management negocia na seguinte bolsa:

• Bolsa de Valores de Nova York (NYSE)
• Símbolo do ticker: nly
• Capitalização de mercado: US $ 10,2 bilhões (em janeiro de 2024)

Redes de consultoria financeira

Tipo de rede	Métricas de engajamento
Consultores financeiros institucionais	Mais de 500 relacionamentos de consultoria ativa
Parcerias de corretores	42 canais de distribuição financeira primária

Plataformas de investimento institucional

A Annaly Capital Management utiliza vários canais de investimento institucional:

• Presença terminal da Bloomberg
• S&P Capital IQ Platform
• Integração direta da Morningstar

Portais de pesquisa de investimento digital

Portal de pesquisa	Métricas de engajamento
Buscando alfa	7.500 seguidores registrados
Finanças do Yahoo	125,000 profile visualizações mensais
Relações com investidores da NASDAQ	45.000 anuais profile interações

Annaly Capital Management, Inc. (Nly) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre de 2023, a Annaly Capital Management atende a aproximadamente 287 investidores institucionais com ativos totais sob gestão (AUM) de US $ 87,3 bilhões em valores mobiliários apoiados por hipotecas.

Tipo de investidor	Número de investidores	Valor total de investimento
Fundos de pensão	42	US $ 24,6 bilhões
Companhias de seguros	63	US $ 31,2 bilhões
Bancos de investimento	82	US $ 15,5 bilhões

Investidores individuais de alta rede

A Annaly tem como alvo indivíduos de alta rede com limites mínimos de investimento de US $ 500.000, atendendo a aproximadamente 12.500 investidores individuais.

• Investimento individual médio: US $ 1,2 milhão
• Alocação de portfólio mediana: 7,3% em REITs de hipotecas
• Total de ativos de investidores individuais: US $ 15,9 bilhões

Gerentes de fundos de aposentadoria

Em 2023, a Gerenciamento de Capital da Annaly se envolveu com 124 gestores de fundos de aposentadoria, representando US $ 46,7 bilhões em ativos gerenciados.

Tipo de fundo de aposentadoria	Número de fundos	Ativos gerenciados
401 (k) fundos	62	US $ 22,3 bilhões
Fundos de pensão do estado	38	US $ 16,9 bilhões
Fundos de aposentadoria corporativa	24	US $ 7,5 bilhões

Portfólios de investimento focados em renda

A Annaly atende a 215 portfólios de investimento focados em renda com ativos totais de US $ 53,4 bilhões em 2023.

• Rendimento médio de portfólio: 9,7%
• Frequência de distribuição de dividendos: trimestral
• Renda total gerada: US $ 5,2 bilhões

Estrategistas de investimento de renda fixa

A partir de 2023, Annaly colabora com 96 estrategistas de investimento de renda fixa que gerenciam US $ 61,8 bilhões em ativos.

Foco estratégico	Número de estrategistas	Ativos gerenciados
Agency MBS	48	US $ 32,6 bilhões
MBS não Agência	28	US $ 15,2 bilhões
Estratégias híbridas	20	US $ 14 bilhões

Annaly Capital Management, Inc. (Nly) - Modelo de Negócios: Estrutura de Custo

Despesa de juros sobre empréstimos

Para o ano fiscal de 2023, a Annaly Capital Management registrou uma despesa total de juros de US $ 2,93 bilhões. O custo médio dos fundos da empresa foi de aproximadamente 4,47%.

Ano	Despesa total de juros	Custo médio dos fundos
2023	US $ 2,93 bilhões	4.47%

Despesas operacionais e administrativas

Em 2023, as despesas operacionais totais da Annaly Capital Management foram de US $ 167,5 milhões.

• Compensação e benefícios: US $ 92,3 milhões
• Serviços profissionais: US $ 24,6 milhões
• Despesas gerais e administrativas: US $ 50,6 milhões

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos da empresa para 2023 totalizaram US $ 78,4 milhões.

Categoria de taxa	Quantia
Taxas de gerenciamento base	US $ 62,1 milhões
Taxas baseadas em desempenho	US $ 16,3 milhões

Manutenção de tecnologia e infraestrutura

A Annaly Capital Management investiu US $ 23,7 milhões em manutenção de tecnologia e infraestrutura para 2023.

• Atualizações de infraestrutura de TI: US $ 12,5 milhões
• Aprimoramentos de segurança cibernética: US $ 6,2 milhões
• Manutenção de software e sistema: US $ 5,0 milhões

Custos de conformidade e relatório regulamentar

As despesas relacionadas à conformidade em 2023 totalizaram US $ 19,6 milhões.

Categoria de custo de conformidade	Quantia
Relatórios regulatórios	US $ 8,3 milhões
Pessoal legal e de conformidade	US $ 6,9 milhões
Consultoria de conformidade externa	US $ 4,4 milhões

Annaly Capital Management, Inc. (Nly) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre de 2023, a Annaly Capital Management reportou US $ 1,92 bilhão em receita de juros dos valores mobiliários apoiados por hipotecas da agência. A quebra da receita de juros da empresa mostra:

Tipo de segurança	Receita de juros ($ m)
Agência MBS de taxa fixa	1,650
Agency Arm MBS	270

Ganhos/perdas realizadas da negociação de portfólio

Para o ano fiscal de 2023, a Annaly Capital Management informou:

• NET obteve ganhos de US $ 127,3 milhões de transações de valores mobiliários
• Ganhos realizados sobre as vendas da agência MBS: US $ 98,6 milhões
• Ganhos realizados em instrumentos derivativos: US $ 28,7 milhões

Distribuições de dividendos

Detalhes da receita de dividendos para 2023:

Métrica	Quantia
Rendimento anual de dividendos	13.45%
Dividendo trimestral por ação	$0.75
Dividendo anual total	US $ 3,00 por ação

Receita de pré -pagamento hipotecário

Renda de pré -pagamento para 2023:

• Renda total do pré -pagamento: US $ 45,2 milhões
• Velocidade de pré -pagamento (RCP): 11,3%
• Taxa média de penalidade de pré -pagamento: 0,65%

Margem de juros líquidos do portfólio de investimentos

Desempenho da margem de juros líquidos em 2023:

Métrica	Percentagem
Margem de juros líquidos	1.48%
Espalhar entre juros ganhos e juros pagos	1.62%
Rendimento médio de ganho de ativos	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%.