Annaly Capital Management, Inc. Reports 2nd Quarter 2021 Results
NEW YORK–(BUSINESS WIRE)–Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) today announced its financial results for the quarter ended June 30, 2021.
Financial Highlights
- GAAP net income (loss) of ($0.23) per average common share for the quarter
- Earnings available for distribution (“EAD”) (formerly core earnings (excluding PAA)) of $0.30 per average common share for the quarter, up $0.01 quarter-over-quarter with dividend coverage of +135%
- Economic return (loss) and tangible economic return (loss) of (4.0%) for the quarter
- Annualized GAAP return (loss) on average equity of (8.5%) and annualized EAD return on average equity of 13.1%
- Book value per common share of $8.37
- GAAP leverage of 4.7x up from 4.6x in the prior quarter; economic leverage of 5.8x, down from 6.1x in the prior quarter
- Declared quarterly common stock cash dividend of $0.22 per share
Business Highlights
Investment and Strategy
- Total assets of $92.9 billion(1) with capital allocation to credit increasing approximately 200 basis points to 29%(2)
- Annaly prudently managed its Agency portfolio amidst a challenging environment for Agency MBS including spread widening on lower rates, rising volatility and continued elevated speeds and supply; meanwhile, the complementary MSR platform saw meaningful growth, with the portfolio nearly doubling quarter-over-quarter
-
Capital allocation to residential credit increased from 13% to 19% as the portfolio grew 22% quarter-over-quarter
- Portfolio increase driven primarily by ~$1.0 billion of whole loan purchases demonstrating continued progress in executing our residential credit strategy, including the launch of our residential whole loan correspondent channel
-
Annaly Middle Market Lending Group closed six deals during the quarter with an average commitment size of $76 million
- Acted as Lead Left Arranger and Administrative Agent on a $715 million senior secured credit facility, which was successfully syndicated subsequent to quarter end, resulting in a final commitment of approximately $150 million
- Previously announced sale of Annaly’s Commercial Real Estate Business on track to be completed as planned; subsequent to quarter end, the platform and the significant majority of the assets were transferred with remaining assets expected to be transferred by the end of the third quarter of 2021
Financing and Capital
- $9.6 billion of unencumbered assets, including cash and unencumbered Agency MBS of $4.7 billion
- Sustained record-low financing costs with average GAAP cost of interest bearing liabilities decreasing 7 basis points to 0.35% and average economic cost of interest bearing liabilities decreasing 4 basis points to 0.83%
- Annaly Residential Credit Group priced three residential whole loan securitizations totaling $1.1 billion since the beginning of the second quarter(3)
- Raised approximately $420 million of accretive common equity through the Company’s at-the-market sales program
Corporate Responsibility & Governance
-
Published second Corporate Responsibility Report, which demonstrates Annaly’s continued focus on ESG endeavors. Key highlights of the 2020 report include:
- Introduced a new commitment to further assess climate change risks and opportunities, taking into consideration the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”)
- Included additional Sustainability Accounting Standards Board (“SASB”) disclosures under the Mortgage Finance Standards for our Residential Credit business, supplementing our existing disclosures under the SASB and Global Reporting Initiative (“GRI”) reporting frameworks
- Purchased carbon credits to offset 100% of our Scope 2 greenhouse gas emissions
“During the second quarter, Annaly navigated a more challenging market backdrop marked by heightened rate and spread volatility, an elevated prepay environment and increased discussion of an eventual Fed Taper,” remarked David Finkelstein, Annaly’s Chief Executive Officer and Chief Investment Officer. “We proactively reduced leverage and the size of our portfolio while increasing liquidity to preserve capital for more attractive investment opportunities throughout the balance of the year. Despite the more conservative posturing, we generated robust earnings for the quarter well in excess of our dividend.”
“Given a more difficult investing environment for Agency MBS, we increased our capital allocation to residential credit this quarter by approximately 600 basis points as we continued to build out our strategic presence in the market through initiatives including the launch of our residential whole loan correspondent channel. We also made considerable progress in growing our mortgage servicing rights (“MSR”) platform, an efficient hedge to the duration and basis risk within our Agency portfolio, with over $400 million of exposure to MSR at quarter end. Further, we are pleased that the disposition of our Commercial Real Estate business remains on track, with the platform and the significant majority of our commercial assets transferred subsequent to quarter end and the remaining assets expected to be transferred in the third quarter. All of these strategic milestones should enable us to effectively allocate capital where returns are strongest and solidify our position as the leading player in the mortgage finance space.”
|
(1) |
Assets represent Annaly’s investments that are on balance sheet, net of debt issued by securitization vehicles, as well as investments that are off-balance sheet in which Annaly has economic exposure. Assets include TBA purchase contracts (market value) of $17.7 billion and CMBX derivatives (market value) of $0.4 billion, are shown net of debt issued by securitization vehicles of $4.9 billion and exclude $0.5 billion of AMML held for sale assets. |
|
|
(2) |
Dedicated capital allocations as of June 30, 2021 assume capital related to held for sale assets will be redeployed within the Agency business-line. |
|
|
(3) |
Includes a $354 million residential whole loan securitization in April 2021, a $376 million residential whole loan securitization in June 2021 and a $382 million residential whole loan securitization in July 2021. |
Financial Performance
The following table summarizes certain key performance indicators as of and for the quarters ended June 30, 2021, March 31, 2021 and June 30, 2020:
|
|
June 30, |
|
March 31, |
|
June 30, |
||||||
|
Book value per common share |
$ |
8.37 |
|
|
$ |
8.95 |
|
|
$ |
8.39 |
|
|
GAAP leverage at period-end (1) |
4.7:1 |
|
|
4.6:1 |
|
|
5.5:1 |
|
|||
|
GAAP net income (loss) per average common share (2) |
$ |
(0.23 |
) |
|
$ |
1.23 |
|
|
$ |
0.58 |
|
|
Annualized GAAP return (loss) on average equity |
(8.51 |
%) |
|
49.87 |
% |
|
25.84 |
% |
|||
|
Net interest margin (3) |
1.66 |
% |
|
3.39 |
% |
|
1.89 |
% |
|||
|
Average yield on interest earning assets (4) |
1.97 |
% |
|
3.76 |
% |
|
2.77 |
% |
|||
|
Average GAAP cost of interest bearing liabilities (5) |
0.35 |
% |
|
0.42 |
% |
|
0.96 |
% |
|||
|
Net interest spread |
1.62 |
% |
|
3.34 |
% |
|
1.81 |
% |
|||
|
Non-GAAP metrics * |
|
|
|
|
|
||||||
|
Earnings available for distribution per average common share (2) |
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
Annualized EAD return on average equity |
13.05 |
% |
|
12.53 |
% |
|
12.82 |
% |
|||
|
Economic leverage at period-end (1) |
5.8:1 |
|
|
6.1:1 |
|
|
6.4:1 |
|
|||
|
Net interest margin (excluding PAA) (3) |
2.09 |
% |
|
1.91 |
% |
|
1.88 |
% |
|||
|
Average yield on interest earning assets (excluding PAA) (4) |
2.76 |
% |
|
2.71 |
% |
|
3.01 |
% |
|||
|
Average economic cost of interest bearing liabilities (5) |
0.83 |
% |
|
0.87 |
% |
|
1.29 |
% |
|||
|
Net interest spread (excluding PAA) |
1.93 |
% |
|
1.84 |
% |
|
1.72 |
% |
|||
|
* |
Represents a non-GAAP financial measure. Please refer to the “Non-GAAP Financial Measures” section for additional information. |
|
|
(1) |
GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued and mortgages payable divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced (“TBA”) and CMBX derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements and other secured financing (excluding certain non-recourse credit facilities). Certain credit facilities (included within other secured financing), debt issued by securitization vehicles, participations issued, and mortgages payable are non-recourse to the Company and are excluded from economic leverage. |
|
|
(2) |
Net of dividends on preferred stock. |
|
|
(3) |
Net interest margin represents interest income less interest expense divided by average Interest Earning Assets. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income and CMBX coupon income less interest expense and the net interest component of interest rate swaps divided by the sum of average Interest Earning Assets plus average outstanding TBA contract and CMBX balances. PAA represents the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities. |
|
|
(4) |
Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA). |
|
|
(5) |
Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense and the net interest component of interest rate swaps. |
Updates to Financial Disclosures
Commencing with the Company’s financial results for the quarter ended June 30, 2021 and for subsequent reporting periods, the Company has relabeled “Core Earnings (excluding PAA)” as “Earnings Available for Distribution” (“EAD”). Earnings Available for Distribution, which is a non-GAAP financial measure intended to supplement the Company’s financial results computed in accordance with U.S. generally accepted accounting principles (“GAAP”), has replaced the Company’s prior presentation of Core Earnings (excluding PAA). In addition, Core Earnings (excluding PAA) results from prior reporting periods have been relabeled Earnings Available for Distribution. In line with evolving industry practices, the Company believes the term Earnings Available for Distribution more accurately reflects the principal purpose of the measure than the term Core Earnings (excluding PAA) and will serve as a useful indicator for investors in evaluating the Company’s performance and its ability to pay dividends.
The definition of Earnings Available for Distribution is identical to the definition of Core Earning (excluding PAA) from prior reporting periods. As such, Earnings Available for Distribution is defined as the sum of (a) economic net interest income, (b) TBA dollar roll income and CMBX coupon income, (c) realized amortization of MSR, (d) other income (loss) (excluding depreciation expense related to commercial real estate and amortization of intangibles, non-EAD income allocated to equity method investments and other non-EAD components of other income (loss)), (e) general and administrative expenses (excluding transaction expenses and non-recurring items) and (f) income taxes (excluding the income tax effect of non-EAD income (loss) items) and excludes (g) the premium amortization adjustment (“PAA”) representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities.
Earnings Available for Distribution should not be considered a substitute for, or superior to, GAAP net income. Please refer to the “Non-GAAP Financial Measures” section for a detailed discussion of Earnings Available for Distribution.
In addition, beginning with the quarter ended June 30, 2021, the Company began classifying certain portfolio activity- or volume-related expenses (including but not limited to brokerage and commission fees, due diligence costs and securitization expenses) as Other income (loss) rather than Other general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss) to better reflect the nature of the items and the Company’s approach to expense management. As such, prior periods have been conformed to the current presentation.
Divestiture of Commercial Real Estate Business
On March 25, 2021, the Company announced the sale of substantially all of the assets that comprise its commercial real estate business to Slate Asset Management for $2.33 billion, which is expected to be completed by the third quarter of 2021. The Company also intends to sell nearly all of the remaining assets that are not included in the sale to Slate. On July 22, 2021, the platform and the significant majority of the assets were transferred with remaining assets expected to be transferred by the end of the third quarter of 2021. As of March 31, 2021, the Company met the conditions for held-for sale accounting which requires that assets be carried at the lower of amortized cost or fair value less costs to sell. Assets and liabilities associated with the commercial real estate business are reported separately in the Company’s Consolidated Statement of Financial Condition as Assets and Liabilities of Disposal Group Held for Sale, respectively. The Company’s Consolidated Statements of Comprehensive Income (Loss) reflects a reversal of previously recognized loan loss provisions as well as business divestiture-related gains (losses), which include valuation allowances on commercial real estate assets, impairment of goodwill and estimated transaction costs. Revenues and expenses associated with the commercial real estate business will be reflected in the Company’s results of operations and key financial metrics through closing.
Other Information
This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions; changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; our ability to grow our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act; and the timing and ultimate completion of the sale of our commercial real estate business. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.
Annaly is a leading diversified capital manager with investment strategies across mortgage finance and corporate middle market lending. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Additional information on the company can be found at www.annaly.com.
Annaly routinely posts important information for investors on the Company’s website, www.annaly.com. Annaly intends to use this webpage as a means of disclosing material, non-public information, for complying with the Company’s disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. Annaly encourages investors, analysts, the media and others interested in Annaly to monitor the Company’s website, in addition to following Annaly’s press releases, SEC filings, public conference calls, presentations, webcasts and other information it posts from time to time on its website. To sign-up for email-notifications, please visit the “Investors” section of our website, www.annaly.com, then click on “Investor Resources” and select “Email Alerts” to complete the email notification form. The information contained on, or that may be accessed through, the Company’s webpage is not incorporated by reference into, and is not a part of, this document.
The Company prepares a supplemental investor presentation and a financial summary for the benefit of its shareholders. Both the Second Quarter 2021 Investor Presentation and the Second Quarter 2021 Financial Summary can be found at the Company’s website (www.annaly.com) in the Investors section under Investor Presentations.
Conference Call
The Company will hold the second quarter 2021 earnings conference call on July 29, 2021 at 9:00 a.m. Eastern Time. Participants are encouraged to pre-register for the conference call to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed by accessing the pre-registration link found on the homepage or “Investors” section of the Company’s website at www.annaly.com, or by using the following link: https://dpregister.com/sreg/10158186/ea78605880. Pre-registration may be completed at any time, including up to and after the call start time.
For participants who would like to join the call but have not pre-registered, access is available by dialing 844-735-3317 within the U.S., or 412-317-5703 internationally, and requesting the “Annaly Earnings Call.”
There will also be an audio webcast of the call on www.annaly.com. A replay of the call will be available for one week following the conference call. The replay number is 877-344-7529 for domestic calls and 412-317-0088 for international calls and the conference passcode is 10158186. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on Investors, then select Email Alerts and complete the email notification form.
Financial Statements
|
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except per share data) |
|||||||||||||||||||
|
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 (1) |
|
September 30, 2020 |
|
June 30, 2020 |
||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
|
(unaudited) |
||||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents |
$ |
1,380,456 |
|
|
$ |
1,122,793 |
|
|
$ |
1,243,703 |
|
|
$ |
1,239,982 |
|
|
$ |
1,393,910 |
|
|
Securities |
69,032,335 |
|
|
71,849,437 |
|
|
75,652,396 |
|
|
76,098,985 |
|
|
77,805,743 |
|
|||||
|
Loans, net |
3,563,008 |
|
|
2,603,343 |
|
|
3,083,821 |
|
|
2,788,341 |
|
|
3,972,671 |
|
|||||
|
Mortgage servicing rights |
202,616 |
|
|
113,080 |
|
|
100,895 |
|
|
207,985 |
|
|
227,400 |
|
|||||
|
Interests in MSR |
49,035 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Assets transferred or pledged to securitization vehicles |
4,073,156 |
|
|
3,768,922 |
|
|
6,910,020 |
|
|
7,269,402 |
|
|
7,690,451 |
|
|||||
|
Real estate, net |
— |
|
|
— |
|
|
656,314 |
|
|
790,597 |
|
|
746,067 |
|
|||||
|
Assets of disposal group held for sale |
3,302,001 |
|
|
4,400,723 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Derivative assets |
181,889 |
|
|
891,474 |
|
|
171,134 |
|
|
103,245 |
|
|
165,642 |
|
|||||
|
Receivable for unsettled trades |
14,336 |
|
|
144,918 |
|
|
15,912 |
|
|
54,200 |
|
|
747,082 |
|
|||||
|
Principal and interest receivable |
250,210 |
|
|
259,655 |
|
|
268,073 |
|
|
281,009 |
|
|
300,089 |
|
|||||
|
Goodwill and intangible assets, net |
26,502 |
|
|
37,337 |
|
|
127,341 |
|
|
136,900 |
|
|
137,680 |
|
|||||
|
Other assets |
300,761 |
|
|
177,907 |
|
|
225,494 |
|
|
221,765 |
|
|
271,918 |
|
|||||
|
Total assets |
$ |
82,376,305 |
|
|
$ |
85,369,589 |
|
|
$ |
88,455,103 |
|
|
$ |
89,192,411 |
|
|
$ |
93,458,653 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
|
Repurchase agreements |
$ |
60,221,067 |
|
|
$ |
61,202,477 |
|
|
$ |
64,825,239 |
|
|
$ |
64,633,447 |
|
|
$ |
67,163,598 |
|
|
Other secured financing |
909,655 |
|
|
922,605 |
|
|
917,876 |
|
|
861,373 |
|
|
1,538,996 |
|
|||||
|
Debt issued by securitization vehicles |
3,315,087 |
|
|
3,044,725 |
|
|
5,652,982 |
|
|
6,027,576 |
|
|
6,458,130 |
|
|||||
|
Participations issued |
315,810 |
|
|
180,527 |
|
|
39,198 |
|
|
— |
|
|
— |
|
|||||
|
Mortgages payable |
— |
|
|
— |
|
|
426,256 |
|
|
507,934 |
|
|
508,565 |
|
|||||
|
Liabilities of disposal group held for sale |
2,362,690 |
|
|
3,319,414 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Derivative liabilities |
900,259 |
|
|
939,622 |
|
|
1,033,345 |
|
|
1,182,681 |
|
|
1,257,038 |
|
|||||
|
Payable for unsettled trades |
154,405 |
|
|
1,070,080 |
|
|
884,069 |
|
|
1,176,001 |
|
|
2,122,735 |
|
|||||
|
Interest payable |
173,721 |
|
|
100,949 |
|
|
191,116 |
|
|
155,338 |
|
|
180,943 |
|
|||||
|
Dividends payable |
317,714 |
|
|
307,671 |
|
|
307,613 |
|
|
308,644 |
|
|
309,686 |
|
|||||
|
Other liabilities |
66,721 |
|
|
213,924 |
|
|
155,613 |
|
|
144,745 |
|
|
121,359 |
|
|||||
|
Total liabilities |
68,737,129 |
|
|
71,301,994 |
|
|
74,433,307 |
|
|
74,997,739 |
|
|
79,661,050 |
|
|||||
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Preferred stock, par value $0.01 per share (2) |
1,536,569 |
|
|
1,536,569 |
|
|
1,536,569 |
|
|
1,982,026 |
|
|
1,982,026 |
|
|||||
|
Common stock, par value $0.01 per share (3) |
14,442 |
|
|
13,985 |
|
|
13,982 |
|
|
14,029 |
|
|
14,077 |
|
|||||
|
Additional paid-in capital |
20,178,692 |
|
|
19,754,826 |
|
|
19,750,818 |
|
|
19,798,032 |
|
|
19,827,216 |
|
|||||
|
Accumulated other comprehensive income (loss) |
1,780,275 |
|
|
2,002,231 |
|
|
3,374,335 |
|
|
3,589,056 |
|
|
3,842,074 |
|
|||||
|
Accumulated deficit |
(9,892,863 |
) |
|
(9,251,804 |
) |
|
(10,667,388 |
) |
|
(11,200,937 |
) |
|
(11,871,927 |
) |
|||||
|
Total stockholders’ equity |
13,617,115 |
|
|
14,055,807 |
|
|
14,008,316 |
|
|
14,182,206 |
|
|
13,793,466 |
|
|||||
|
Noncontrolling interests |
22,061 |
|
|
11,788 |
|
|
13,480 |
|
|
12,466 |
|
|
4,137 |
|
|||||
|
Total equity |
13,639,176 |
|
|
14,067,595 |
|
|
14,021,796 |
|
|
14,194,672 |
|
|
13,797,603 |
|
|||||
|
Total liabilities and equity |
$ |
82,376,305 |
|
|
$ |
85,369,589 |
|
|
$ |
88,455,103 |
|
|
$ |
89,192,411 |
|
|
$ |
93,458,653 |
|
|
|
|||||||||||||||||||
|
(1) |
Derived from the audited consolidated financial statements at December 31, 2020. |
|
|
(2) |
7.50% Series D Cumulative Redeemable Preferred Stock – Includes 0 shares authorized, issued and outstanding at June 30, 2021 and March 31, 2021. Includes 18,400,000 shares authorized and 0 shares issued and outstanding at December 31, 2020. Includes 18,400,000 shares authorized, issued and outstanding at September 30, 2020 and June 30, 2020, respectively. |
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6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 28,800,000 shares authorized, issued and outstanding. |
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6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 17,000,000 shares authorized, issued and outstanding at June 30, 2021 and March 31, 2021. Includes 19,550,000 shares authorized and 17,000,000 shares issued and outstanding at December 31, 2020, September 30, 2020 and June 30, 2020, respectively. |
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6.75% Series I Preferred Stock – Includes 17,700,000 shares authorized, issued and outstanding at June 30, 2021 and March 31, 2021. Includes 18,400,000 shares authorized and 17,700,000 issued and outstanding at December 31, 2020, September 30, 2020 and June 30, 2020, respectively. |
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(3) |
Includes 2,936,500,000 shares authorized at June 30, 2021 and March 31, 2021; 2,914,850,000 shares authorized at December 31, 2020, September 30, 2020 and June 30, 2020. Includes 1,444,156,029 shares issued and outstanding at June 30, 2021; 1,398,502,906 shares issued and outstanding at March 31, 2021; 1,398,240,618 shares issued and outstanding at December 31, 2020; 1,402,928,317 shares issued and outstanding at September 30, 2020; 1,407,662,483 shares issued and outstanding at June 30, 2020. |
Contacts
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com