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.
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.
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.
Next: PMC Commercial Trust -- conventional mortgage loans and SBA loans to small businesses
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