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Annaly Capital Management, Inc. Reports 3rd Quarter 2013 Results

The Company’s commercial investment portfolio consists of commercial real estate investments and corporate debt. At September 30, 2013, the Company’s commercial investment portfolio represented 11% of stockholders’ equity compared to 8% at June 30, 2013. Commercial real estate debt and preferred equity totaled $1.2 billion and investments in commercial real estate totaled $60.4 million at September 30, 2013. Total commercial real estate investments increased from $1.0 billion at June 30, 2013 to $1.3 billion at September 30, 2013.

Capital and Funding

At September 30, 2013 total stockholders’ equity was $12.9 billion. Leverage at September 30, 2013, June 30, 2013, and September 30, 2012, was 5.4:1, 6.2:1 and 6.0:1, respectively. Leverage includes non-recourse loan participations and mortgages payable. At September 30, 2013, June 30, 2013, and September 30, 2012, the Company’s capital ratio, which represents the ratio of stockholders’ equity to total assets, was 13.9%, 12.9%, and 12.1%, respectively. At September 30, 2013, June 30, 2013, and September 30, 2012, the Company’s net capital ratio was 14.8%, 13.3%, and 12.4%, respectively. The Company’s net capital ratio takes into account the net balances of its U.S Treasury securities and U.S Treasury securities sold, not yet purchased, reverse repurchase agreements and repurchase agreements, and securities borrowed and securities loaned. On a GAAP basis, the Company produced an annualized return on average equity for the quarters ended September 30, 2013, June 30, 2013, and September 30, 2012 of 5.87%, 45.87%, and 5.39%, respectively. On a Core earnings basis, the Company provided an annualized return on average equity for the quarters ended September 30, 2013, June 30, 2013, and September 30, 2012, of 8.62%, 8.24%, and 8.07%, respectively.

At September 30, 2013, June 30, 2013, and September 30, 2012 the Company had outstanding $69.2 billion, $81.4 billion, and $101.0 billion of repurchase agreements, respectively, with weighted average borrowing rates of 2.02%, 1.72%, and 1.52%, respectively, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 200 days, 191 days, and 213 days, respectively.

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