Annaly Capital Management, Inc. Reports 4th 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 and year ended December 31, 2021.
|
Financial Highlights |
- GAAP net income of $0.27 per average common share for the quarter; $1.60 per average common share for the full year 2021
- Earnings available for distribution (“EAD”) of $0.28 per average common share for the quarter; $1.16 per average common share for the full year 2021 with dividend coverage of +125%
- Economic return and tangible economic return of (2.4%) for the fourth quarter; economic return of (0.8%) and tangible economic return of 0.0% for the full year 2021
- Annualized GAAP return on average equity of 12.4% and annualized EAD return on average equity of 13.1%
- Book value per common share of $7.97
- GAAP leverage of 4.7x, up from 4.4x in the prior quarter; economic leverage of 5.7x, down from 5.8x in the prior quarter
- Declared quarterly common stock cash dividend of $0.22 per share
|
Business Highlights |
Fourth Quarter 2021 Highlights
- Total assets of $89.2 billion, including $81.5 billion in highly liquid Agency portfolio(1)
- Capital allocation(2) to credit businesses increased by approximately 200 basis points to 32% during the quarter driven by $2.2 billion of credit originations(3)
- Annaly’s Mortgage Servicing Rights (“MSR”) platform, which represents 5% of capital(2), grew by 12% in the fourth quarter and successfully executed on its strategy to finish the year as the fifth largest buyer of bulk MSR(4)
- Annaly’s Residential Credit Group, which represents 24% of capital(2), settled $1.7 billion of whole loans during the quarter
- Annaly’s Residential Credit Group priced four whole loan securitizations totaling $1.8 billion during the fourth quarter with an additional three securitizations totaling $1.4 billion priced 2022 year-to-date(5)
- $9.3 billion of unencumbered assets, including cash and unencumbered Agency MBS of $5.2 billion
- Appointed Ilker Ertas as Chief Investment Officer
Full-Year 2021 Highlights
Investment and Strategy
- Capital allocation(2) to credit businesses increased from 22% to 32% throughout the year driven by credit originations of $6.1 billion, more than double the prior year(3)
- Proactively managed Annaly’s Agency portfolio with continued utilization of barbell strategy balancing high-quality specified pools and lower coupon TBA securities
- Efficiently built out MSR platform with assets increasing to $645 million, over 4.5x the size of the portfolio at year-end 2020(4)
- Annaly’s Residential Credit Group grew assets by nearly 90% throughout 2021, expanding its whole loan sourcing capabilities through the launch of its residential whole loan correspondent channel in April 2021
- Closed inaugural private closed-end Middle Market Lending fund, raising $371 million of third-party capital that has been fully deployed at approximately $450 million in assets
- Completed the $2.33 billion sale of Annaly’s Commercial Real Estate Business(6)
Financing and Capital
- Prudently managed leverage profile throughout the year, decreasing economic leverage to 5.7x from 6.2x at the end of 2020
- Average GAAP cost of interest bearing liabilities of 0.37% and average economic cost of interest bearing liabilities of 0.79% decreased 72 basis points and 55 basis points, respectively, year-over-year
- Annaly’s Residential Credit Group was the fourth largest non-bank issuer of Prime Jumbo & Expanded Credit MBS from 2020-2021 and has priced thirteen residential whole loan securitizations totaling $5.3 billion since the beginning of 2021, inclusive of 2022 year-to-date activity(5)
- Raised $552 million of accretive common equity through Annaly’s at-the-market sales program(7)
- Declared $1.4 billion in common and preferred stock dividends in 2021
Corporate Responsibility & Governance
- Decreased full-year operating expense ratio by 20 basis points to 1.35% driven by savings following the Company’s management internalization and disposition of its Commercial Real Estate business(6)(8)
- Published second Corporate Responsibility Report demonstrating Annaly’s continued focus on ESG endeavors and highlighting key accomplishments including additional disclosures under the Sustainability Accounting Standards Board framework
- Elected new Independent Director Eric A. Reeves
“We are proud of our accomplishments throughout 2021 as we strategically enhanced our focus on residential housing finance through the disposition of our Commercial Real Estate business, launch of our Mortgage Servicing Rights platform and expansion of our capabilities within our Residential Credit Group,” remarked David Finkelstein, Annaly’s Chief Executive Officer and President. “In the fourth quarter, we proactively navigated a more challenging marketplace, increasing our capital allocation to our credit businesses with over $2 billion in credit originations.”
“As financial market volatility has increased in anticipation of monetary policy normalization, our portfolio is well prepared for periods of turbulence with historically low leverage, a conservatively hedged portfolio and disciplined asset allocation across the spectrum of housing finance. Despite the volatility, we are encouraged by improving investment returns in Agency MBS and are poised to capitalize on attractive opportunities as they arise.”
|
(1) |
Total portfolio represents Annaly’s investments that are on-balance sheet as well as investments that are off-balance sheet in which Annaly has economic exposure. Assets include TBA purchase contracts (market value) of $20.3 billion, CMBX derivatives (market value) of $0.4 billion and $0.8 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $1.0 billion. | |
|
(2) |
Dedicated capital allocations as of December 31, 2021 exclude commercial real estate assets. | |
|
(3) |
Credit assets represent whole loan and corporate debt originated or purchased across Annaly’s Residential Credit and Middle Market Lending Groups and exclude unfunded commitments. | |
|
(4) |
Q3 2021 MSR assets exclude $86 million of legacy MSR holdings that were held for sale as of September 30, 2021 and sold in Q4 2021. MSR assets include limited partnership interests in two MSR funds, one of which is reported in Other Assets. Purchaser ranking data sourced from eMBS as of December 31, 2021. | |
|
(5) |
Includes 10 whole loan securitizations totaling $3.9 billion in 2021, a $557 million residential whole loan securitization in January 2022, a $377 million residential whole loan securitization in January 2022 and a $467 million residential whole loan securitization in February 2022. Issuer ranking data from Inside Conforming Markets as of January 9, 2022. | |
|
(6) |
The platform and the significant majority of the assets were transferred in 2021, with remaining assets expected to be transferred in the first quarter of 2022, subject to regulatory approvals. | |
|
(7) |
Represents $552 million raised through the Company’s at-the-market sales program for its common stock net of sales agent commissions and other offering expenses. Does not include 2022 year-to-date activity. | |
|
(8) |
Represents operating expenses as a percentage of average equity and excludes transaction expenses and nonrecurring items for the year ended December 31, 2021. |
|
Financial Performance |
The following table summarizes certain key performance indicators as of and for the quarters ended December 31, 2021, September 30, 2021 and December 31, 2020:
|
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
||||||
|
Book value per common share |
$ |
7.97 |
|
|
$ |
8.39 |
|
|
$ |
8.92 |
|
|
GAAP leverage at period-end (1) |
4.7:1 |
|
4.4:1 |
|
5.1:1 |
||||||
|
GAAP net income (loss) per average common share (2) |
$ |
0.27 |
|
|
$ |
0.34 |
|
|
$ |
0.60 |
|
|
Annualized GAAP return (loss) on average equity |
|
12.44 |
% |
|
|
15.25 |
% |
|
|
24.91 |
% |
|
Net interest margin (3) |
|
1.97 |
% |
|
|
2.01 |
% |
|
|
2.14 |
% |
|
Average yield on interest earning assets (4) |
|
2.31 |
% |
|
|
2.29 |
% |
|
|
2.61 |
% |
|
Average GAAP cost of interest bearing liabilities (5) |
|
0.38 |
% |
|
|
0.32 |
% |
|
|
0.51 |
% |
|
Net interest spread |
|
1.93 |
% |
|
|
1.97 |
% |
|
|
2.10 |
% |
|
Non-GAAP metrics * |
|
|
|
|
|
||||||
|
Earnings available for distribution per average common share (2) |
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.30 |
|
|
Annualized EAD return on average equity |
|
13.10 |
% |
|
|
12.81 |
% |
|
|
13.03 |
% |
|
Economic leverage at period-end (1) |
5.7:1 |
|
5.8:1 |
|
6.2:1 |
||||||
|
Net interest margin (excluding PAA) (3) |
|
2.03 |
% |
|
|
2.04 |
% |
|
|
1.98 |
% |
|
Average yield on interest earning assets (excluding PAA) (4) |
|
2.63 |
% |
|
|
2.63 |
% |
|
|
2.80 |
% |
|
Average economic cost of interest bearing liabilities (5) |
|
0.75 |
% |
|
|
0.66 |
% |
|
|
0.87 |
% |
|
Net interest spread (excluding PAA) |
|
1.88 |
% |
|
|
1.97 |
% |
|
|
1.93 |
% |
|
* 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 serves 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. As such, prior periods have been conformed to the current presentation.
|
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; and our ability to maintain our exemption from registration under the Investment Company Act. 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 Fourth Quarter 2021 Investor Presentation and the Fourth 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 fourth quarter 2021 earnings conference call on February 10, 2022 at 10:00 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/10163240/f0e0ffdd78. 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 5498603. 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) |
|||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
||||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents |
$ |
1,342,090 |
|
|
$ |
1,046,300 |
|
|
$ |
1,380,456 |
|
|
$ |
1,122,793 |
|
|
$ |
1,243,703 |
|
|
Securities |
|
63,655,674 |
|
|
|
65,622,352 |
|
|
|
69,032,335 |
|
|
|
71,849,437 |
|
|
|
75,652,396 |
|
|
Loans, net |
|
4,242,043 |
|
|
|
3,580,521 |
|
|
|
3,563,008 |
|
|
|
2,603,343 |
|
|
|
3,083,821 |
|
|
Mortgage servicing rights |
|
544,562 |
|
|
|
572,259 |
|
|
|
202,616 |
|
|
|
113,080 |
|
|
|
100,895 |
|
|
Interests in MSR |
|
69,316 |
|
|
|
57,530 |
|
|
|
49,035 |
|
|
|
— |
|
|
|
— |
|
|
Assets transferred or pledged to securitization vehicles |
|
6,086,308 |
|
|
|
4,738,481 |
|
|
|
4,073,156 |
|
|
|
3,768,922 |
|
|
|
6,910,020 |
|
|
Real estate, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
656,314 |
|
|
Assets of disposal group held for sale |
|
194,138 |
|
|
|
238,042 |
|
|
|
3,302,001 |
|
|
|
4,400,723 |
|
|
|
— |
|
|
Derivative assets |
|
170,370 |
|
|
|
331,395 |
|
|
|
181,889 |
|
|
|
891,474 |
|
|
|
171,134 |
|
|
Receivable for unsettled trades |
|
2,656 |
|
|
|
42,482 |
|
|
|
14,336 |
|
|
|
144,918 |
|
|
|
15,912 |
|
|
Principal and interest receivable |
|
234,983 |
|
|
|
234,810 |
|
|
|
250,210 |
|
|
|
259,655 |
|
|
|
268,073 |
|
|
Goodwill and intangible assets, net |
|
24,241 |
|
|
|
25,371 |
|
|
|
26,502 |
|
|
|
37,337 |
|
|
|
127,341 |
|
|
Other assets |
|
197,683 |
|
|
|
172,890 |
|
|
|
300,761 |
|
|
|
177,907 |
|
|
|
225,494 |
|
|
Total assets |
$ |
76,764,064 |
|
|
$ |
76,662,433 |
|
|
$ |
82,376,305 |
|
|
$ |
85,369,589 |
|
|
$ |
88,455,103 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
|
Repurchase agreements |
$ |
54,769,643 |
|
|
$ |
55,475,420 |
|
|
$ |
60,221,067 |
|
|
$ |
61,202,477 |
|
|
$ |
64,825,239 |
|
|
Other secured financing |
|
903,255 |
|
|
|
729,555 |
|
|
|
909,655 |
|
|
|
922,605 |
|
|
|
917,876 |
|
|
Debt issued by securitization vehicles |
|
5,155,633 |
|
|
|
3,935,410 |
|
|
|
3,315,087 |
|
|
|
3,044,725 |
|
|
|
5,652,982 |
|
|
Participations issued |
|
1,049,066 |
|
|
|
641,006 |
|
|
|
315,810 |
|
|
|
180,527 |
|
|
|
39,198 |
|
|
Mortgages payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
426,256 |
|
|
Liabilities of disposal group held for sale |
|
154,956 |
|
|
|
159,508 |
|
|
|
2,362,690 |
|
|
|
3,319,414 |
|
|
|
— |
|
|
Derivative liabilities |
|
881,537 |
|
|
|
912,134 |
|
|
|
900,259 |
|
|
|
939,622 |
|
|
|
1,033,345 |
|
|
Payable for unsettled trades |
|
147,908 |
|
|
|
571,540 |
|
|
|
154,405 |
|
|
|
1,070,080 |
|
|
|
884,069 |
|
|
Interest payable |
|
91,176 |
|
|
|
109,586 |
|
|
|
173,721 |
|
|
|
100,949 |
|
|
|
191,116 |
|
|
Dividends payable |
|
321,142 |
|
|
|
318,986 |
|
|
|
317,714 |
|
|
|
307,671 |
|
|
|
307,613 |
|
|
Other liabilities |
|
94,423 |
|
|
|
91,421 |
|
|
|
66,721 |
|
|
|
213,924 |
|
|
|
155,613 |
|
|
Total liabilities |
|
63,568,739 |
|
|
|
62,944,566 |
|
|
|
68,737,129 |
|
|
|
71,301,994 |
|
|
|
74,433,307 |
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Preferred stock, par value $0.01 per share (2) |
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
|
1,536,569 |
|
|
Common stock, par value $0.01 per share (3) |
|
14,597 |
|
|
|
14,499 |
|
|
|
14,442 |
|
|
|
13,985 |
|
|
|
13,982 |
|
|
Additional paid-in capital |
|
20,313,832 |
|
|
|
20,228,366 |
|
|
|
20,178,692 |
|
|
|
19,754,826 |
|
|
|
19,750,818 |
|
|
Accumulated other comprehensive income (loss) |
|
958,410 |
|
|
|
1,638,638 |
|
|
|
1,780,275 |
|
|
|
2,002,231 |
|
|
|
3,374,335 |
|
|
Accumulated deficit |
|
(9,653,582 |
) |
|
|
(9,720,270 |
) |
|
|
(9,892,863 |
) |
|
|
(9,251,804 |
) |
|
|
(10,667,388 |
) |
|
Total stockholders’ equity |
|
13,169,826 |
|
|
|
13,697,802 |
|
|
|
13,617,115 |
|
|
|
14,055,807 |
|
|
|
14,008,316 |
|
|
Noncontrolling interests |
|
25,499 |
|
|
|
20,065 |
|
|
|
22,061 |
|
|
|
11,788 |
|
|
|
13,480 |
|
|
Total equity |
|
13,195,325 |
|
|
|
13,717,867 |
|
|
|
13,639,176 |
|
|
|
14,067,595 |
|
|
|
14,021,796 |
|
|
Total liabilities and equity |
$ |
76,764,064 |
|
|
$ |
76,662,433 |
|
|
$ |
82,376,305 |
|
|
$ |
85,369,589 |
|
|
$ |
88,455,103 |
|
|
|
|||||||||||||||||||
|
(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 December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021. Includes 18,400,000 shares authorized and 0 shares issued and outstanding at December 31, 2020. 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 28,800,000 shares authorized, issued and outstanding. 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock – Includes 17,000,000 shares authorized, issued and outstanding at December 31, 2021, September 30, 2021, 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. 6.75% Series I Preferred Stock – Includes 17,700,000 shares authorized, issued and outstanding at December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021. Includes 18,400,000 shares authorized and 17,700,000 issued and outstanding at December 31, 2020. | |
|
(3) |
Includes 2,936,500,000 shares authorized at December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021; 2,914,850,000 shares authorized at December 31, 2020. Includes 1,459,736,258 shares issued and outstanding at December 31, 2021; 1,449,935,017 shares issued and outstanding at September 30, 2021; 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. |
Contacts
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com