PART I ITEM 1. BUSINESS “Annaly,” “we,” “us,” or “our” refers to Annaly Capital Management, Inc. and our wholly-owned subsidiaries, except where it is made clear that the term means only the parent company. Refer to the section titled “Glossary of Terms” located at the end of Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” for definitions of certain of the commonly used terms in this annual report on Form 10-K. The following description of our business should be read in conjunction with the Consolidated Financial Statements and the related Notes thereto, and the information set forth under the heading “Special Note Regarding Forward-Looking Statements” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” INDEX TO ITEM 1. BUSINESS Page Business Overview 2 Business and Investment Strategy 2 Our Portfolio and Capital Allocation Policy 3 Risk Appetite 3 Capital Structure and Financing 5 Operating Platform 6 Risk Management 6 Information about our Executive Officers 6 Human Capital 7 Regulatory Requirements 9 Competition 10 Corporate Governance 10 Distributions 10 Available Information 11 ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES ITEM 1. BUSINESS 1
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