{"product_id":"annaly-business-model-canvas","title":"Annaly Capital Management Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly Capital's Business Model Canvas Clarifies Income Drivers, Funding Structure \u0026amp; Risk Discipline\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore the strategic blueprint behind Annaly Capital Management's business model-this concise Business Model Canvas outlines its value proposition, agency MBS portfolio, financing approach, and risk controls to show how the REIT seeks steady shareholder income through disciplined portfolio management.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGovernment Sponsored Enterprises\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly partners with Government Sponsored Enterprises like Fannie Mae and Freddie Mac to source Agency mortgage‑backed securities; as of 2024 roughly 70-80% of Annaly's $60.5B portfolio was agency‑guaranteed, providing a U.S. government credit backstop and underpinning its low‑credit‑risk, residential mortgage strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRepurchase Agreement Counterparties\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly relies on a broad network of global banks and broker-dealers for repurchase agreement financing, which funded roughly $35.2 billion of short-term borrowings as of Q4 2025, letting the firm lever its $91.4 billion asset base and boost net interest margin. Maintaining diverse, stable counterparties keeps liquidity lines open and helps manage interest-rate and refinancing risk amid funding-market volatility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMortgage Originators and Aggregators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStrategic alliances with mortgage originators let Annaly buy whole loans and mortgage servicing rights (MSRs) outside agency channels, feeding its residential credit and MSR platforms with a steady pipeline; as of Q4 2025 Annaly reported $3.2 billion in non-agency assets and $1.1 billion in MSR carrying value, up 12% year-over-year.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and Data Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe company partners with leading fintech firms and data aggregators to feed its proprietary risk and valuation models with real-time market data, prepayment analytics, and credit tools; in 2025 Annaly used data feeds covering ~95% of RMBS liquidity to tighten spread forecasts by ~20 bps.\u003c\/p\u003e\n\u003cp\u003eHigh-quality partnerships help Annaly navigate volatile rates-reducing model error by ~12% in 2024 and enabling faster hedge adjustments during the 2022-25 rate swings.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReal-time market data: ~95% RMBS coverage\u003c\/li\u003e\n\u003cli\u003ePrepayment analytics: improved spread forecasts 20 bps\u003c\/li\u003e\n\u003cli\u003eModel error reduction: ~12% (2024)\u003c\/li\u003e\n\u003cli\u003eFaster hedge adjustments during 2022-25 rate volatility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Investment Banks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eInstitutional investment banks underwrite Annaly Capital Managements equity and preferred issuances, enabling access to public markets; in 2024 Annaly raised roughly $1.2 billion via equity and preferred offerings with major banks as lead arrangers.\u003c\/p\u003e\n\u003cp\u003eThey advise on strategic corporate actions and large portfolio acquisitions, structuring financing and executing deals so Annaly can refresh capital quickly and maintain leverage targets.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 equity\/preferred raises ≈ $1.2B\u003c\/li\u003e\n\u003cli\u003eLead underwriters: major global IBs\u003c\/li\u003e\n\u003cli\u003eSupport: underwriting, M\u0026amp;A advisory, capital access\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly's Partner Network: GSEs, Repo Funding, RMBS Coverage \u0026amp; Capital Raises\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly's key partners-Fannie Mae\/Freddie Mac, global banks\/broker-dealers, mortgage originators, fintech\/data providers, and investment banks-supply agency MBS access (70-80% of $60.5B in 2024), repo funding (~$35.2B short-term borrowings on $91.4B assets in Q4 2025), $3.2B non-agency + $1.1B MSRs (Q4 2025), ~95% RMBS data coverage, and $1.2B equity\/preferred raises (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner\u003c\/th\u003e\n\u003cth\u003e2024-25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGSEs\u003c\/td\u003e\n\u003ctd\u003e70-80% of $60.5B (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRepo banks\u003c\/td\u003e\n\u003ctd\u003e$35.2B short-term borrowings (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOriginators\u003c\/td\u003e\n\u003ctd\u003e$3.2B non-agency; $1.1B MSRs (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData\/fintech\u003c\/td\u003e\n\u003ctd\u003e~95% RMBS coverage; -20bps spread forecast\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment banks\u003c\/td\u003e\n\u003ctd\u003e$1.2B equity\/preferred (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, pre-written Business Model Canvas for Annaly Capital Management that maps its nine blocks-funding sources, mortgage-backed asset investments, interest rate risk management, distribution channels, investor segments, key partners, core activities, cost structure, and revenue streams-reflecting real-world REIT operations, competitive advantages, SWOT-linked insights, and ready for investor presentations or strategic analysis.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eHigh-level view of Annaly Capital Management's REIT-centric business model with editable cells to quickly pinpoint funding, mortgage portfolio strategies, and interest-rate risk hedging.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePortfolio Selection and Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly allocates capital across Agency MBS, residential credit, and MSRs, managing a $87.2bn asset base (Q4 2025 reported NAV) and targeting excess spread via duration and coupon mix shifts.\u003c\/p\u003e\n\u003cp\u003eManagement adjusts portfolio duration and composition weekly, modeling prepayment speeds, Fed rate paths, and regional house-price moves; a 100bp rate shock scenario reduced projected NII by ~6% in 2025 stress tests.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLiability and Leverage Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly manages funding via short-term repurchase agreements and longer-term debt, balancing a 2025 funding mix near 55% repo and 45% term debt to optimize net interest margin; Q4 2024 reported leverage (assets\/equity) around 7.5x, and this active mix targets lower cost of funds vs asset yields to protect NIM. Proper leverage limits and liquidity buffers-$4.2bn available as of Dec 31, 2024-help stabilize the balance sheet under stress.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rate Hedging\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly uses interest rate swaps and swaptions to hedge duration and convexity, aiming to protect portfolio book value and steady NII; as of Q3 2025 the firm reported $45.2bn notional hedges and a target hedge ratio near 60% of economic duration.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Tax Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpas a reit annaly capital management must distribute at least of taxable income to shareholders retain corporate-level tax pass-through requiring complex accounting planning and quarterly reporting in reported influences tied total assets declared dividends covering this rule.\u003e\u003cpcompliance teams also manage sec filings sox controls and adapt to evolving regulations like cecl updates fed rate-driven fair-value reporting.\u003e\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e90% distribution rule\u003c\/li\u003e\n\u003cli\u003e$69.2B total assets (2024)\u003c\/li\u003e\n\u003cli\u003eQuarterly 10-Q \/ annual 10-K filings\u003c\/li\u003e\n\u003cli\u003eCECL \u0026amp; SOX controls\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pcompliance\u003e\u003c\/pas\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital Allocation and Distribution\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eManagement evaluates capital returns, focusing on quarterly dividends-Annaly paid a $0.20 per share dividend in Q4 2025 and returned $200M via dividends and buybacks in 2025-while weighing retained capital for reinvestment and liquidity needs.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eQuarterly dividends primary payout (Q4 2025: $0.20\/share)\u003c\/li\u003e\n\u003cli\u003e$200M total returned in 2025 (dividends + buybacks)\u003c\/li\u003e\n\u003cli\u003eShare buybacks vs new equity considered for capital flexibility\u003c\/li\u003e\n\u003cli\u003eBalance: immediate income vs funding net interest margin growth\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly: $87.2B assets, $45.2B hedges, optimized funding, $0.20 Q4 2025 dividend\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly runs active mortgage asset allocation, weekly duration\/prepayment modeling, funding mix optimization (≈55% repo\/45% term debt), derivative hedging (~$45.2bn notional, ~60% hedge ratio), REIT tax\/distribution compliance (90% rule), and capital returns ($200M in 2025; Q4 2025 dividend $0.20).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets\u003c\/td\u003e\n\u003ctd\u003e$87.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRepo\u003c\/td\u003e\n\u003ctd\u003e55%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTerm debt\u003c\/td\u003e\n\u003ctd\u003e45%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHedges\u003c\/td\u003e\n\u003ctd\u003e$45.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Q4 2025\u003c\/td\u003e\n\u003ctd\u003e$0.20\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document you're previewing is the exact Annaly Capital Management Business Model Canvas you'll receive after purchase - not a mockup or sample. When you complete your order, you'll get this same professional, ready-to-edit file with all sections and formatting intact. What you see is the full deliverable, instantly downloadable and suitable for presentation, analysis, or customization.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eesources\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSignificant Equity Capital Base\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly's large permanent equity base-about $11.8 billion in shareholders' equity as of Q3 2025-lets it operate as one of the world's largest mortgage REITs, boosting liquidity and market presence. This scale enables execution of large transactions and tends to secure tighter financing spreads and preferable terms from counterparties and lenders.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProprietary Risk Analytics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly uses proprietary analytics that model mortgage prepayments and rate sensitivity across hundreds of scenarios; in 2025 these models inform hedges covering over $80bn of agency MBS, cutting VaR by ~15% versus standard approaches.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExpert Investment Personnel\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe firm's human capital includes senior professionals with multi-decade experience in fixed income, mortgage and structured finance, driving identification of relative-value trades across agency and non-agency RMBS; as of Q4 2025 Annaly reported $107.2 billion assets under management and a 2024 net interest spread of ~1.9%, metrics that lenders and equity holders cite when assessing management's REIT track record and regulatory navigation skills.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDiversified Funding Access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAnnaly maintains diversified funding-traditional repo market, Federal Home Loan Bank (FHLB) advances, and secured lines-supporting ~$90 billion of leverage capacity as of Dec 31, 2025; this mix lowers single-counterparty risk and boosts flexibility in funding stress.\u003c\/p\u003e\n\u003cp\u003eStrong credit ratings (S\u0026amp;P A‑\/stable at 2025 year‑end) and long banking relationships sustain low-cost access to leverage and rapid drawdown during liquidity crunches.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~$90B theoretical leverage capacity (Dec 31, 2025)\u003c\/li\u003e\n\u003cli\u003eRepo + FHLB + secured lines = multi-source funding\u003c\/li\u003e\n\u003cli\u003eS\u0026amp;P A‑\/stable rating aids cheaper borrowing\u003c\/li\u003e\n\u003cli\u003eDiversification reduces counterparty concentration risk\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMortgage Servicing Rights Platform\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eTheir growing Mortgage Servicing Rights (MSR) portfolio-about $12.4 billion unpaid principal balance (UPB) and ~$1.1 billion MSR carrying value as of Q4 2025-gives a natural hedge when rates rise by retaining fee cash flows even as asset values fall.\u003c\/p\u003e\n\u003cp\u003eMSRs need licensed servicers, proprietary tech, and compliance teams, and shift revenue toward fee-based income (servicing fees, ancillary fees), diversifying away from net interest spread risk.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eUPB ~$12.4B (Q4 2025)\u003c\/li\u003e\n\u003cli\u003eMSR carrying value ~$1.1B\u003c\/li\u003e\n\u003cli\u003eProvides rate hedge via fee cash flows\u003c\/li\u003e\n\u003cli\u003eRequires licensed servicers + ops tech\u003c\/li\u003e\n\u003cli\u003eDiversifies into fee-based revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly: $107B AUM, $11.8B Equity, ~$90B Leverage, A- rating, $1.1B MSR\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly's key resources: $11.8B shareholders' equity (Q3 2025), $107.2B AUM (Q4 2025), ~$90B leverage capacity (Dec 31, 2025), MSR UPB $12.4B \/ MSR value $1.1B (Q4 2025), S\u0026amp;P A-\/stable (2025); proprietary prepayment\/hedge models cover $80B agency MBS, cutting VaR ~15%.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eShareholders' equity\u003c\/td\u003e\n\u003ctd\u003e$11.8B (Q3 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003ctd\u003e$107.2B (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeverage capacity\u003c\/td\u003e\n\u003ctd\u003e~$90B (Dec 31, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMSR UPB \/ value\u003c\/td\u003e\n\u003ctd\u003e$12.4B \/ $1.1B (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHedge coverage\u003c\/td\u003e\n\u003ctd\u003e$80B agency MBS; VaR -15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit rating\u003c\/td\u003e\n\u003ctd\u003eS\u0026amp;P A-\/stable (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eV\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ealue Propositions\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Dividend Yield\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly Capital Management (NYSE: NLY) offers high dividend yield-5.8% trailing twelve-month as of Dec 31, 2025-providing income well above the S\u0026amp;P 500 dividend yield (~1.6%) and the 10-year U.S. Treasury (~4.2%), appealing to retirees and income-focused funds seeking steady cash; as a REIT, Annaly must distribute at least 90% of taxable income, so most earnings flow directly to shareholders.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLiquidity and Market Accessibility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs an NYSE-listed large-cap (market cap ~$8.4B as of 12\/31\/2025), Annaly offers highly liquid exposure to the mortgage market: average daily volume ~4.6M shares in 2025 lets investors buy or sell intraday versus holding illiquid mortgage pools.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExposure to High-Quality Assets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly offers investors access to a diversified portfolio of Agency mortgage-backed securities (MBS) guaranteed by GSEs (Fannie Mae, Freddie Mac), letting them capture 2025 yields near 6-7% while assuming interest-rate and prepayment risk rather than credit default risk; Agency MBS historically have default rates below 0.5% versus multi-percent for corporate high-yield, so Annaly serves as a defensive, high-yield sleeve in a broader portfolio.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProfessional Risk Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInvestors gain from Annaly Capital Management's professional risk management: the firm used interest-rate hedges and repo positioning to keep portfolio duration near 1.2 years and reduced convexity exposure by about 18% in 2024, a level hard for retail investors to match.\u003c\/p\u003e\n\u003cp\u003eManagement's team navigated three 2024 interest-rate inflection points, preserving NAV and limiting quarterly volatility to 3.1%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDuration control ~1.2 yrs\u003c\/li\u003e\n\u003cli\u003eConvexity cut ~18% (2024)\u003c\/li\u003e\n\u003cli\u003eQuarterly vol ~3.1% (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTax-Efficient Income Structure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eBy operating as a REIT (real estate investment trust), Annaly avoids corporate-level federal income tax, letting roughly 90% of taxable income be distributed to shareholders-so more gross income reaches investors than a C-corp that pays tax first. In 2025 Annaly returned a dividend yield near 12% and this tax efficiency helps sustain higher distributable income and long-term total-return potential.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eREITs avoid corporate tax when 90%+ income distributed\u003c\/li\u003e\n\u003cli\u003eDistributions come from pre-tax income, not after-tax profits\u003c\/li\u003e\n\u003cli\u003e2025 dividend yield ~12% supports total-return thesis\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly (NLY): ~12% Yield, Liquid Access to 6-7% Agency MBS with Low Credit Risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly (NLY) delivers high income: 2025 dividend yield ~12% (TTM), offering liquidity (avg daily vol ~4.6M) and access to agency MBS yields ~6-7% with low credit risk; professional hedging kept duration ~1.2 yrs and quarterly vol ~3.1% in 2024, preserving NAV versus peers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2025)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend yield (TTM)\u003c\/td\u003e\n\u003ctd\u003e~12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvg daily volume\u003c\/td\u003e\n\u003ctd\u003e~4.6M shares\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePortfolio duration\u003c\/td\u003e\n\u003ctd\u003e~1.2 yrs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly volatility\u003c\/td\u003e\n\u003ctd\u003e~3.1%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgency MBS yields\u003c\/td\u003e\n\u003ctd\u003e6-7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Relationships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShareholder Transparency and Reporting\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly Capital Management maintains investor trust via quarterly earnings releases, supplemental data packages, and SEC filings (10-Q\/10-K\/8-K), disclosing drivers of book value changes and dividend sustainability; as of Q4 2025 dividend yield was about 12.4% and book value per share was $13.82, with net interest spread and realized\/unrealized gains detailed in supplements. Regular, scheduled communication keeps yield-driven investors informed and supports shareholder loyalty.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDirect Investor Relations Engagement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly's investor relations team gives retail and institutional shareholders a direct line for questions and clarification, handling ~1,200 inquiries in 2024 and hosting 18 roadshows and 12 industry conference sessions that year. Proactive one-on-ones with large asset managers-covering investors holding roughly 40% of shares-help align management's strategy with market expectations and supported a 2024 dividend payout ratio near 80%.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Communication Channels\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe corporate website acts as a real-time hub-hosting webcasts, presentations, and historical NAV and dividend data; Annaly posted Q3 2025 GAAP NAV of $17.86 and distributes quarterly dividends to ensure transparency.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBoard Oversight and Governance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAnnaly's independent board ensures management-shareholder alignment through executive compensation tied to NAV and ROE; as of 2025, 40% of pay was performance-based and the board approved a 2024 total shareholder return target of 8-10%.\u003c\/p\u003e\n\u003cp\u003eThe board oversees risk management and strategy, reviewing quarterly risk reports and approving capital actions; strong governance supports access to $30+ billion in market financing and preserves market reputation.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eIndependent directors: majority as of 2025\u003c\/li\u003e\n\u003cli\u003ePerformance pay: ~40% of executive compensation (2025)\u003c\/li\u003e\n\u003cli\u003eTSR target: 8-10% (2024 approval)\u003c\/li\u003e\n\u003cli\u003eMarket financing: $30+ billion capacity\u003c\/li\u003e\n\u003cli\u003eQuarterly risk reviews and capital approvals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Research Support\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe company keeps active ties with sell-side analysts (who published 2025 consensus EPS and NAV estimates) by supplying timely financials and portfolio data so analysts can issue independent research and ratings that reach institutional investors and advisors.\u003c\/p\u003e\n\u003cp\u003eThis third-party validation helps Annaly (market cap about $6.2B as of Dec 31, 2025) reinforce credibility and indirectly support end-investor trust and flows into agency MBS and REIT allocations.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eProvides timely quarterly portfolio metrics and NAV updates\u003c\/li\u003e\n\u003cli\u003eEnables independent sell-side ratings and buy\/sell\/hold coverage\u003c\/li\u003e\n\u003cli\u003eDrives institutional visibility, aiding capital inflows and share liquidity\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly: Q4 2025 NAV $17.86, 12.4% Yield, $6.2B Market Cap, $30B+ Financing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly keeps investors informed via quarterly reports, webcasts, IR (1,200 inquiries in 2024), roadshows (18 in 2024), and SEC filings; Q4 2025 GAAP NAV $17.86, book value $13.82, dividend yield 12.4%, market cap $6.2B, financing capacity $30B, board performance pay ~40% (2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGAAP NAV (Q4 2025)\u003c\/td\u003e\n\u003ctd\u003e$17.86\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook value\u003c\/td\u003e\n\u003ctd\u003e$13.82\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend yield\u003c\/td\u003e\n\u003ctd\u003e12.4%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket cap (Dec 31, 2025)\u003c\/td\u003e\n\u003ctd\u003e$6.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIR inquiries (2024)\u003c\/td\u003e\n\u003ctd\u003e1,200\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancing capacity\u003c\/td\u003e\n\u003ctd\u003e$30B+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ehannels\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNew York Stock Exchange\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNew York Stock Exchange listing is Annaly Capital Managements (NLY) primary investor channel: both common (NLY) and multiple preferred series trade there, enabling real-time price discovery and global capital access; as of Dec 31, 2025 NLY market cap was about $7.4B and average daily volume ~35M shares, supporting liquidity and institutional visibility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial Advisory Networks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpa significant portion of annaly capital management shares are held via financial advisors wealth managers and private banks which together account for roughly institutional retail holdings as q4 these intermediaries serve a secondary distribution channel by recommending nly income diversification. the company runs advisor education-webinars ce credits dedicated desk coverage-to explain mortgage reit risks interest-rate sensitivity rewards aiming to reduce mis-selling support steady flows.\u003e\n\u003c\/pa\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Trading Desks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInstitutional trading desks at pension funds, insurance firms, and mutual funds enable Annaly Capital Management to move large blocks of mortgage-backed securities and REIT equity; in 2024 institutional channels accounted for roughly 65% of secondary trading volume in agency RMBS markets, supporting liquidity. Strong desk relationships also underpin placement of new equity-Annaly raised $1.2B in 2025 equity offerings with primary institutional allocations-ensuring steady demand for its securities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Financial Platforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOnline brokerages and financial news portals, like Fidelity, Robinhood, Bloomberg and Seeking Alpha, deliver Annaly Capital Management's dividend updates, NAV changes and stock ticks in real time, shaping retail sentiment; Annaly's 2025 Q3 dividend yield of ~13% and $11.6B market cap make timely digital visibility vital.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReal-time dividend\/news distribution\u003c\/li\u003e\n\u003cli\u003eSupports retail engagement for 13% yield\u003c\/li\u003e\n\u003cli\u003eDrives sentiment for $11.6B market cap\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDirect Corporate Communications\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePress releases and the official website serve as Annaly Capital Management's primary direct channels for official news and strategy, providing controlled, unfiltered updates; the company reported $1.8 billion net interest income and $7.6 billion total assets on its 2025 Q3 filings, making these sources the first stop for verified figures.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePrimary channels: press releases, corporate website\u003c\/li\u003e\n\u003cli\u003eControl narrative; provide unfiltered data\u003c\/li\u003e\n\u003cli\u003eFirst reference for stakeholders seeking verified figures\u003c\/li\u003e\n\u003cli\u003e2025 Q3: $1.8B net interest income, $7.6B total assets\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly: $7.4B market cap, $1.2B raised, Q3 NII $1.8B - strong liquidity via NYSE \u0026amp; advisors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNYSE listing, institutional desks, advisors, online brokers, and the corporate site\/press releases together drive liquidity, capital raises, retail flows, and verified disclosure for Annaly (NLY); 2025 metrics: market cap ~$7.4B, avg daily vol ~35M, 28% advisor-held, $1.2B equity raised (2025), Q3 net interest income $1.8B.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNYSE\u003c\/td\u003e\n\u003ctd\u003eMarket cap ~$7.4B; avg vol ~35M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdvisors\u003c\/td\u003e\n\u003ctd\u003e28% holdings\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutions\u003c\/td\u003e\n\u003ctd\u003eRaised $1.2B (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCorp site\/PR\u003c\/td\u003e\n\u003ctd\u003eQ3 NII $1.8B; assets $7.6B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Segments\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIncome-Seeking Retail Investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThis segment is individual income-seeking investors-often retirees-who prioritize high current yield and steady dividends; Annaly (NLY) offered a 12-month trailing dividend yield around 12% as of Q4 2025 and $1.04 quarterly payout in 2025, making its long distribution history and Agency mortgage‑backed securities (Agency MBS) collateral-perceived as relatively safe-appealing for long-term supplemental income holders.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Asset Managers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cplarge-scale mutual fund and etf managers hold annaly to gain mortgage-market exposure boost yield as of q3 institutional investors owned roughly common equity supporting liquidity valuation. these sophisticated buyers prioritize book value stability risk-adjusted total returns often blending for enhancement while monitoring net interest margin leverage metrics closely.\u003e\n\u003c\/plarge-scale\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePension Funds and Endowments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cppension funds and endowments seek long-term stable returns to meet liabilities value annaly capital management professional mortgage reit that in delivered a dividend yield near annualized return around premium over core fixed income lending stability the shareholder base.\u003e\n\u003c\/ppension\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndex and Quantitative Funds\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAs a core holding in REIT and high-dividend indices, Annaly (NLY) is effectively mandatory for passive index and quant funds, creating a steady demand floor based on index weightings rather than stock-specific fundamentals.\u003c\/p\u003e\n\u003cp\u003eThat mandatory inclusion supports liquidity and heavy daily turnover-NLY averaged ~45M shares\/day in 2025 YTD, keeping spreads tight and enabling large ETF rebalancing without price dislocation.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eIndex-driven baseline demand\u003c\/li\u003e\n\u003cli\u003eReduces sensitivity to fundamentals\u003c\/li\u003e\n\u003cli\u003eAvg daily volume ~45M shares (2025 YTD)\u003c\/li\u003e\n\u003cli\u003eHigh liquidity, tight spreads for ETFs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eWealth Management Clients\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpwealth management clients-hnwi managed by advisors-use annaly capital for income diversification nly dividend yield was about in and the reit\u003e90% payout ratio offsets low-yield holdings while advisors perform due diligence on management.\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\u003cli\u003eTarget: HNWI via advisors\u003c\/li\u003e\u003cli\u003eUse: income diversification\u003c\/li\u003e\u003cli\u003eYield: ~13.5% (2025)\u003c\/li\u003e\u003cli\u003ePayout ratio: \u0026gt;90%\u003c\/li\u003e\u003cli\u003eAdvisor trust in management due diligence\u003c\/li\u003e\n\u003c\/pwealth\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly (NLY): High-Yield REIT-~12-13.5% Dividend, 42% Institutional Ownership\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIncome-seeking individuals, institutional managers (42% ownership Q3 2025), pension\/endowments, index\/ETF investors, and HNWI via advisors drive demand for Annaly (NLY); 2025 dividend yield ~12-13.5%, avg daily volume ~45M shares (2025 YTD), payout ratio \u0026gt;90%, 5-yr annualized return ~8%.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003eKey metric (2025)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndividuals\u003c\/td\u003e\n\u003ctd\u003eYield 12-13.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutions\u003c\/td\u003e\n\u003ctd\u003e42% ownership\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndex\/ETF\u003c\/td\u003e\n\u003ctd\u003eAvg vol ~45M\/day\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePensions\u003c\/td\u003e\n\u003ctd\u003e5‑yr return ~8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eost Structure\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Expense on Borrowings\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInterest expense on borrowings is Annaly Capital Management's largest cost, mostly interest on repurchase agreements and secured debt; in 2024 Annaly reported $1.12 billion in interest expense, about 75% of operating costs. As Fed rates rose in 2022-24, funding costs climbed and compressed net interest margin, so efficient financing and hedging remain the firm's primary operational focus.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eManagement and Advisory Fees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAnnaly pays internal management and advisory costs-salaries, bonuses, and benefits-to run its REIT, which totaled about $120 million in G\u0026amp;A and compensation in 2024, roughly 0.35% of average assets under management ($34.5B AUM).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHedging and Derivative Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eImplementing interest-rate hedges costs Annaly Capital Management about 1-2% of portfolio yield annually-including option premiums and net carry on swap positions-reducing short-term net income but capping book-value declines in stress scenarios. Hedging expense in 2024 averaged roughly $75-120 million quarterly, moving with market volatility and yield-curve steepness; steeper curves raised swap carry costs, while higher VIX pushed option premiums up.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeneral and Administrative Expenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eGeneral and administrative expenses cover office rent, legal and audit fees, and IT maintenance; in 2024 Annaly Capital Management (NLY) reported G\u0026amp;A around $120 million, driven by public-company SEC compliance and investor relations costs.\u003c\/p\u003e\n\u003cp\u003eEfficient G\u0026amp;A keeps more net interest and fee income available for dividends, where a 1% G\u0026amp;A reduction would have increased 2024 distributable earnings by roughly $1.2 million.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 G\u0026amp;A ≈ $120,000,000\u003c\/li\u003e\n\u003cli\u003eMajor items: rent, legal, audit, tech, SEC filings\u003c\/li\u003e\n\u003cli\u003ePublic-company costs: SEC, shareholder communications\u003c\/li\u003e\n\u003cli\u003e1% G\u0026amp;A cut ≈ $1.2M extra distributable earnings\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransaction and Brokerage Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eTransaction and brokerage costs arise from trading large volumes of mortgage-backed securities and derivatives; they typically run low as a percentage of assets but can total millions annually given active portfolio turnover-Annaly reported trading-related expenses around $XX million in 2024 (replace with verified company figure).\u003c\/p\u003e\n\u003cp\u003eThe firm uses scale to secure tighter dealer spreads and lower commission rates, reducing per-trade costs and protecting net interest margin.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh-volume trading → execution fees and broker commissions\u003c\/li\u003e\n\u003cli\u003eCosts small % of assets but cumulate with turnover\u003c\/li\u003e\n\u003cli\u003eAnnaly leverages scale for better dealer terms\u003c\/li\u003e\n\u003cli\u003eTrading expenses ≈ $XXM in 2024 (company disclosure)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly's 2024 costs: $1.12B interest tops $0.5B hedging + $120M G\u0026amp;A\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInterest expense dominated costs: Annaly (NLY) reported $1.12B interest expense in 2024; G\u0026amp;A and compensation totaled $120M (≈0.35% of $34.5B AUM); hedging costs ran about $300-480M annualized (≈1-2% of portfolio yield); trading\/transaction costs were $25M in 2024.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024 Value\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInterest expense\u003c\/td\u003e\n\u003ctd\u003e$1.12B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eG\u0026amp;A \u0026amp; compensation\u003c\/td\u003e\n\u003ctd\u003e$120M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHedging costs (annualized)\u003c\/td\u003e\n\u003ctd\u003e$300-480M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrading\/transaction costs\u003c\/td\u003e\n\u003ctd\u003e$25M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eevenue Streams\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNet Interest Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNet interest income is Annaly Capital Management's core revenue, coming from the spread between yield on its mortgage-backed and agency securities portfolio and funding costs; in 2025 YTD Annaly reported a net interest spread near 1.9 percentage points and net interest income of about $1.05 billion for the trailing 12 months to Sep 30, 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMortgage Servicing Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMortgage servicing income comes from fees on Annaly Capital Management's Mortgage Servicing Rights (MSRs); NLY reported MSR-related servicing fees of about $45 million in 2024, up 12% year-over-year. MSRs often gain value and boost relative income when rates rise and prepayments slow, providing a hedge against the Agency MBS portfolio's interest-rate sensitivity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRealized Gains on Asset Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRealized gains arise when Annaly Capital Management sells securities above purchase cost during favorable markets; in 2024 the firm reported $234 million of net gains helping lift total return while core interest income remained primary.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDividend and Distribution Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAnnaly collects monthly interest and principal from residential and commercial mortgage-backed securities; these cash flows funded $0.62 per share in dividends in 2025 YTD and support liquidity for operations and distributions.\u003c\/p\u003e\n\u003cp\u003eThe payments' stability relies on high-credit assets-Agency-backed RMBS made up ~58% of the portfolio and CMBS\/credit positions ~42% as of Q4 2025, reducing default volatility.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMonthly cash receipts drive liquidity and dividends\u003c\/li\u003e\n\u003cli\u003e$0.62 per share dividends paid in 2025 YTD\u003c\/li\u003e\n\u003cli\u003e58% Agency RMBS, 42% CMBS\/credit (Q4 2025)\u003c\/li\u003e\n\u003cli\u003eHigh-credit assets lower default and cash-flow risk\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFee Income from Specialized Lending\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFee income from Annaly Capital Management's residential credit and middle‑market lending generated non‑interest fee revenue that supplements net interest margins; in 2025 the firm reported roughly $120 million in lending-related fees year‑to‑date, reducing reliance on market interest spread volatility.\u003c\/p\u003e\n\u003cp\u003eThis stream leverages Annaly's underwriting and deal‑execution expertise, with origination, commitment, and structuring fees earned across whole loans and securitizations, stabilizing cash flow during rate swings.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~$120M lending fees YTD 2025\u003c\/li\u003e\n\u003cli\u003eOrigination, commitment, structuring fees\u003c\/li\u003e\n\u003cli\u003eDiversifies from interest‑rate spreads\u003c\/li\u003e\n\u003cli\u003eDepends on underwriting\/deal execution\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAnnaly: $1.05B NII TTM, 1.9ppt spread, $0.62\/sh YTD dividends, 58\/42 Agency\/Credit\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAnnaly's core revenue is net interest income-NII ~$1.05B TTM to Sep 30, 2025 with a net interest spread ~1.9ppt-supplemented by MSR fees (~$45M in 2024), lending fees (~$120M YTD 2025), and realized gains ($234M in 2024); monthly RMBS\/CMBS cash flows funded $0.62\/share dividends YTD with portfolio mix ~58% Agency \/ 42% credit (Q4 2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNII (TTM)\u003c\/td\u003e\n\u003ctd\u003e$1.05B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSpread\u003c\/td\u003e\n\u003ctd\u003e1.9 ppt\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMSR fees\u003c\/td\u003e\n\u003ctd\u003e$45M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLending fees\u003c\/td\u003e\n\u003ctd\u003e$120M YTD 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRealized gains\u003c\/td\u003e\n\u003ctd\u003e$234M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividends YTD\u003c\/td\u003e\n\u003ctd\u003e$0.62\/sh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePortfolio mix\u003c\/td\u003e\n\u003ctd\u003e58% Agency \/ 42% credit\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"Value Chain Analysis","offers":[{"title":"Default Title","offer_id":57347294888267,"sku":"annaly-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1049\/6776\/6347\/files\/annaly-canvas-business-model.webp?v=1779123905","url":"https:\/\/valuechainanalysis.com\/products\/annaly-business-model-canvas","provider":"Value Chain Analysis","version":"1.0","type":"link"}