Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts.

[1] The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities.

As of December 31, 2023, 88% of the company's assets were mortgage-backed securities issued by either Fannie Mae or Freddie Mac.

Mike Farrell spent 26 years working for investment banks including E.F. Hutton & Co., Morgan Stanley, and Merrill Lynch.

[4][5] In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.