Annaly Capital Management. Inc.

Annaly Capital Management is one of the largest mortgage REITs in the United States, and it makes money on a spread rather than on rent. It borrows cheaply in short-term markets and buys longer-dated mortgage-backed securities, most of them guaranteed by government-sponsored agencies, pocketing the difference between what it earns and what it pays. Founded in 1997 and based in New York, it amplifies that spread with borrowed money, which is why its dividend can be generous and its book value sensitive to moves in interest rates. When the yield curve steepens the model hums; when rates jump or spreads widen, book value and the payout can both fall. Investors buy Annaly for income and for an amplified play on interest-rate and mortgage spreads, not for growth.

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