Annaly Capital Management, Inc. (“Annaly”) was founded in 1996 out of the collaboration of two forward-thinking entrepreneurs, Michael A. J. Farrell and Wellington J. Denahan. Building on their strong industry relationships, market expertise and macro outlook, Mike and Welly created a company that aimed to deliver competitive and dependable returns in a variety of interest rate and economic conditions. The name Annaly refers to the ancestral Irish kingdom of the Farrell family. We embrace the longevity of the company’s history, especially as we embark on the twentieth year of our existence as a public company and herald the seventy-eight consecutive quarters of income we have been able to deliver to shareholders during that time.
Throughout our history, the firm has remained committed to our founding motto, “Proceed Without Fear.” This adage serves as a guiding principle of the firm and drives the strategic and organizational decisions we make, creating opportunities for success in all of the markets and asset classes in which we invest. As such, our history is marked by a series of market-leading actions, that have grown Annaly from a pure play agency mortgage REIT into the large-cap diversified capital manager we are today.
Early on, we anticipated the benefits that diversifying into credit businesses would provide to offset our interest rate sensitive cash-flows. We are the only agency mortgage REITs that has a residential credit platform, an in-house broker dealer, manages a commercial real estate business and invests in middle market lending. We have led the market in strategic corporate actions, including by raising more equity capital than any other mortgage REIT, structuring the first convertible debt offering, executing the largest non-rated perpetual preferred offering, and completing the first and largest acquisition in the mortgage REIT sector.
Our seasoned management team has an average experience in the financial industry of over twenty years across multiple asset classes and disciplines. We believe such a range of expertise will lead our company to success in the ever-evolving market. At Annaly, we have developed a strong ownership culture emanating from the top down to more strongly align incentives between management and shareholders and better position Annaly as a market leader.