Annaly Capital Management, Inc. manages assets on behalf of institutional and individual investors worldwide through Annaly and the funds managed by its wholly-owned registered investment advisors, FIDAC and Merganser Capital Management ("Merganser"). Our 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 the costs of borrowing to finance their acquisition, and from dividends we receive from FIDAC and Merganser. Annaly and its subsidiaries are focused on generating long term value to our shareholders and investors by utilizing strategies consistent with the markets we know best and capitalizing on opportunities to extend this expertise into new markets on a global basis.

All of the mortgage-backed securities Annaly owns are issued by an agency of the United States government and carry an actual or implied AAA rating. We have elected to be taxed as a real estate investment trust (REIT) and are therefore required to pay out at least 90% of our earnings to our shareholders in order to avoid taxation at the corporate level. Our stock trades on the New York Stock Exchange under the ticker NLY. We commenced operations on February 18, 1997. To learn more about Annaly and FIDAC Click Here to view a short video clip.