Annaly Capital Management, Inc
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Annaly Capital Management, Inc is a real estate investment trust (REIT) that manages assets on behalf of institutional and individual investors. Its New York Stock Exchange ticker symbol if NLY. Michael A.J. Farrell is chairman, president and CEO.
Annaly Capital Management Manages Assets
Annaly Capital Management has two wholly-owned, registered financial advisors -- FIDAC (Fixed Income Deposit Advisory Company) (earns investment fee income) and Merganser Capital Management. All of the mortgage backed securities (MBS) they own were issued by the U.S. government -- Fannie Mae, Freddie Mac and Ginnie Mae. Then they use leverage to increase their return. They used to be named Annaly Mortgage Management, Inc, but changed on August 2, 2006.
They began operations February 18, 1997. Their structure their bond portfolio using the "Annaly MBS Barbell Strategy." They use the repurchase market to finance their investments.
It is the largest mortgage REIT on the New York Stock Exchange, and that's largely because they avoided investing in mortgage securities outside of Fannie Mae and Freddie Mac. Therefore, they avoided the subprime mortgage crisis that hurt many other mortgage REITs.
It launched a subsidiary, Chimera Investment Corporation to specialize in residential mortgage, when it realized the mortgage market was changing. Chimera is now the second largest mortgage REIT. Chimera's external manager is Registered Investment Advisor, Fixed Income Discount Advisory Company (FIDAC), a wholly owned subsidiary of Annaly.
FIDAC issued its own collateralized debt obligation (CDO) in June 2006 -- Harp High Grade CDO I, Ltd, $1 billion multi-tranche mostly residential-backed mortgages. FIDAC was formed in 1994.
Merganser was formed in 1985 and bought up by Annaly in November 2008.
Annaly Capital is a REIT dependent on interest rates, the very same mortgage-backed securities that are threatening the world financial markets and government bonds.
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