Annaly Capital Management INC: directors' dealings · United States · SEC (Form 4)

About Annaly Capital Management INC

Annaly Capital Management, Inc. (NYSE: NLY) is a U.S.-listed investment company focused on residential mortgage finance. It is organized as an internally managed REIT and has operated since 1997, with the core objective of generating distributable net income for shareholders while optimizing returns through disciplined management of mortgage-related assets. For French-, Belgian- and Swiss-based investors, Annaly is best understood as a large U.S. housing-finance platform rather than a traditional bank: its earnings are driven by interest-rate spreads, mortgage prepayments, credit performance and funding costs. Annaly’s business model is built around three investment groups. The first is Agency, which invests in highly liquid, high-quality mortgage-backed securities issued or guaranteed by U.S. government-related agencies, along with specified pools, TBAs, derivatives and certain Agency CMBS. This remains the company’s anchor strategy and provides scale, liquidity and a relatively defensive asset base. The second is Residential Credit, where Annaly invests in residential mortgage loans, non-QM assets, prime jumbo exposure, credit risk transfer securities and securitized residential credit products. The third is MSR, or Mortgage Servicing Rights, which gives Annaly exposure to the economics of loan servicing and associated recapture opportunities. Together, these businesses create a diversified housing-finance model that can benefit from multiple parts of the mortgage cycle. From a competitive standpoint, Annaly is one of the best-known publicly traded mortgage REIT-style platforms in the United States. Its size, access to capital markets, active hedging framework and ability to rotate capital across strategies are key strengths. Recent company communications highlight continued portfolio growth, especially in Agency assets, alongside strong origination and securitization activity in Residential Credit and a rising MSR franchise. In its fourth-quarter and full-year 2025 release, Annaly reported a total portfolio of $104.7 billion, including $92.9 billion in its highly liquid Agency portfolio. The company also noted that it remains one of the larger buyers of conventional MSR and expanded financing capacity across its credit and MSR businesses. In October 2025, Annaly announced a strategic subservicing relationship and MSR purchase agreement with PennyMac Financial Services, reinforcing its position within the U.S. mortgage ecosystem. Annaly is headquartered in New York and operates primarily in the United States, with direct exposure to the American residential housing market. Its shares trade on the NYSE in the United States, and the company’s investor proposition is closely tied to dividend income and balance-sheet execution rather than secular growth. For European investors, the key points are the company’s REIT structure, its U.S. mortgage-market focus, and its sensitivity to rate cycles, refinancing behavior and funding spreads.