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ANNALY CAPITAL MANAGEMENT, INC. REPORTS 4th QUARTER 2019 RESULTS
NEW YORK—February 12, 2020 —Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2019.
Financial Highlights
GAAP net income (loss) of $0.82 per average common share for the quarter, ($1.60) for the year ended 2019
Core earnings (excluding PAA) of $0.26 per average common share for the quarter, $1.00 for the year ended 2019
Economic return of 7.6% for the quarter, 14.1% for the year ended 2019
GAAP return on average equity of 31.20% and core return on average equity (excluding PAA) of 10.56% for the quarter
Book value per common share of $9.66 up from $9.21 in the prior quarter
Economic leverage of 7.2x down from 7.7x in the prior quarter
Declared quarterly common stock dividend of $0.25 per share
Business Highlights
Fourth Quarter Highlights
Capital allocation to credit increased to 26% from 23%, driven by $1.8 billion in new credit assets
Annaly Residential Credit Group completed a $465.5 million residential whole loan securitization and purchased $957.0 million of residential whole loans during the fourth quarter
Annaly Commercial Real Estate Group closed $596.0 million in new investments, bringing total assets to $2.3 billion, an increase of 31% from the third quarter
Annaly Middle Market Lending Group closed $238.7 million of loans in the quarter
Average interest rate on repo borrowings declined by over 40 bps during the quarter to 2.09%; extended weighted average days to maturity of repo to 65 days
Appointed Serena Wolfe as Chief Financial Officer
Separated the roles of CEO and Chair of the Board; appointed the Company’s first independent Board Chair
Subsequent to quarter end, announced signing of definitive agreements under which Annaly will acquire its external manager, Annaly Management Company LLC, and transition to being an internally-managed REIT

Full-Year 2019 Highlights
Investment and Strategy
Originated $4.6 billion of new credit assets in 2019, up 11% from 2018
Annaly Residential Credit Group issued $2.5 billion in residential whole loan securitizations across six transactions since the beginning of 2019, inclusive of the $374.6 million residential whole loan securitization closed subsequent to year end
Expanded partnerships to more than 25 across our four businesses
Authored industry-focused joint study on GSE reform in conjunction with Barclays' Head of Macro Research
Financing and Capital
Raised gross proceeds of $442.5 million through issuance of Series I fixed-to-floating rate cumulative redeemable preferred equity; redeemed all outstanding shares of Series H and Series C classes of preferred stock in May and July, respectively, reducing the cost of preferred capital by 15 bps
Raised $1.2 billion of common equity inclusive of $223.2 million of common shares repurchased during the second half of 2019 to take advantage of temporary market dislocation
Annaly Middle Market Lending Group added $695.0 million of credit facility capacity throughout the year
Corporate Governance
Expanded Board of Directors with election of two new independent directors during 2019; Board comprised of 82% independent directors and 45% women directors
Published extensive disclosure on the Company’s continued commitment to leading Corporate Responsibility practices including the launch of Annaly's Corporate Responsibility web page
Annaly’s Women’s Interactive Network hosted two external events in 2019 with nearly 350 attendees, including a Women’s Leadership Event and Nonprofit Board Fair, to enhance and empower women both inside and outside of Annaly


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The following information was filed by Annaly Capital Management Inc (NLY) on Wednesday, February 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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