Annaly Capital Management, Inc. is a US-listed mortgage real estate investment
trust (mREIT) that invests primarily in agency mortgage-backed securities
issued or guaranteed by US government-sponsored enterprises. The company
generates income through the spread between interest earned on its mortgage
assets and its cost of borrowing, using leverage as a core component of its
strategy. Annaly actively manages interest rate risk, funding exposure and
portfolio duration in response to Federal Reserve policy and broader credit
conditions. Cash flow stability and dividend sustainability are closely tied
to yield curve dynamics, funding costs and market volatility, making NLY a
widely followed income-oriented stock within the US REIT sector.