Fixed Income Discount Advisory Company (FIDAC)

FIDAC is the wholly-owned registered investment advisor of Annaly Capital Management, Inc. (NYSE:NLY), a publicly traded real estate investment trust ("REIT"). Formed in 1994, FIDAC is one of the leading fixed income management companies in the world specializing in interest rate and credit sensitive strategies.

We manage various investment vehicles and separate accounts marketed globally through distributor relationships. Overall, the principal business objective is to generate net income for distribution to our investors from the spread between the interest income on our mortgage-backed securities and other securities and the costs of borrowing to finance their acquisition. The team managing Annaly plays the same roles at FIDAC. The team is led by Chairman Michael A.J. Farrell and Chief Investment Officer Wellington Denahan-Norris. FIDAC's team of investment professionals has built a successful long-term track record through some of the most challenging fixed income markets in memory.

To better understand our corporate relationships see our organization chart below.

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