Annaly Capital Management, Inc.
TypePublic company
IndustryReal estate investment trust
FoundedFebruary 18, 1997 (1997-02-18)
Founders
  • Michael A.J. Farrell
  • Wellington Denahan
Headquarters1211 Avenue of the Americas
New York City, U.S.
Key people
David L. Finkelstein
(CEO & CIO)
Serena Wolfe (CFO)
1,771,991,000 United States dollar (2022) Edit this on Wikidata
Decrease US$−2.299 billion (2019)
Total assetsIncrease US$130.295 billion (2019)
Total equityIncrease US$15.796 billion (2019)
Number of employees
171 (December 31, 2021)
Websitewww.annaly.com
Footnotes / references
[1]

Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City.[1]

The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities. As of December 31, 2019, 93% of the company's assets were mortgage-backed securities issued by either Fannie Mae or Freddie Mac. The company generates profits from the net interest spread between the interest earned from its assets and its borrowing costs, which is amplified from the use of leverage. As of December 31, 2019, the company had a debt-to-equity ratio of 7.2.[1]

As of December 31, 2019, the weighted average days to maturity of its repurchase agreements was 65 days.[1]

The company ranked 867th on the 2022 Fortune 1000 based on its 2021 revenues.[2]

The name of the company came from the name of the area in Ireland that was ruled by the ancestors of the company's founder.[3]

History

Annaly Capital Management was founded in 1997 by Michael A.J. Farrell and Wellington Denahan. Mike Farrell spent 26 years working for investment banks including E.F. Hutton & Co., Morgan Stanley, and Merrill Lynch.[4]

In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.[5]

In 2012, Michael Farrell died after battling cancer.[4][6]

In October 2012, co-founder Wellington Denahan became CEO.[7][8]

In 2013, the company acquired CreXus Investment for $996 million.[9][10]

Effective September 30, 2015, Kevin Keyes was named CEO of the company.[11][12]

In 2016, the company acquired Hatteras Financial for $1.5 billion in cash and stock.[13][14]

In 2017, the company sold its Pingora servicing subsidiary.[15]

Effective March 2020, David L. Finkelstein was named Chief Executive Officer and a member of the Board.[16]

References

  1. 1 2 3 4 "Annaly Capital Management, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Fortune 500: Annaly Capital Management". Fortune.
  3. ↑ Koppenheffer, Dave (March 21, 2015). "7 Things You Probably Don't Know About Annaly Capital Management Inc". The Motley Fool.
  4. 1 2 "Annaly Capital's Farrell dies after battle with cancer". Reuters. October 21, 2012.
  5. ↑ "ANNALY MORTGAGE SAYS IT IS ACQUIRING INVESTMENT ADVISER". The New York Times. Bloomberg News. January 3, 2004.
  6. ↑ "Michael Farrell: Obituary". The New York Times. October 23, 2012.
  7. ↑ "Annaly founder Michael Farrell dies after cancer diagnosed". InvestmentNews. 2012-09-28. Retrieved 2020-06-24.
  8. ↑ "Annaly CEO Wellington Denahan stepping down" (Press release).
  9. ↑ "Annaly Capital Management, Inc. Announces Agreement to Acquire CreXus Investment Corp" (Press release). Business Wire. January 31, 2013.
  10. ↑ "Annaly Completes Acquisition of CreXus – CreXus to be Renamed Annaly Commercial Real Estate Group" (Press release). Business Wire. May 23, 2013.
  11. ↑ "Annaly's Board Names Kevin Keyes CEO Effective September 30, 2015" (Press release). Business Wire. July 20, 2015.
  12. ↑ Pleven, Liam (2015-07-20). "Wellington Denahan to Step Down As Annaly Capital CEO". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-24.
  13. ↑ "Annaly Capital Management, Inc. Completes Exchange Offer for Hatteras Financial Corp. Common Stock" (Press release). Business Wire. July 12, 2016.
  14. ↑ "Annaly Capital Management, Inc. to Acquire Hatteras Financial Corp. for $1.5 Billion" (Press release). Business Wire. April 11, 2016.
  15. ↑ "Annaly Capital Management, Inc. and Bayview Asset Management, LLC Announce Purchase by Bayview of Pingora Loan Servicing Platform" (Press release). Business Wire. July 10, 2017.
  16. ↑ "Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer".
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