originator community, we stand ready with ample liquidity to acquire bulk MSR when accretive to do so. Further, we recently established strategic partnerships to acquire flow MSR when attractive which bolsters our MSR sourcing capabilities. As always, we are prepared for market turbulence and deliberate with respect to our posture in order to protect our shareholders’ capital. Yet, we are encouraged by the improvements in the operating environment that we have seen year-to-date and believe that Annaly’s diversified housing finance platform will best enable us to continue to deliver superior shareholder returns going forward. Since our inception, Annaly has delivered a 748% total stock return – outpacing the mortgage REIT index and S&P 500 – over a 27-year period marked by multiple crises and substantial changes in the mortgage market(12). Importantly, we have delivered over $25 billion in common and preferred dividends throughout this period and we are proud to have been a consistent source of income for our shareholders(13). On behalf of the entire Board and executive leadership team, we are grateful for your continued support of Annaly and look forward to updating you on our progress throughout the year. Sincerely, David Finkelstein Chief Executive Officer & Chief Investment Officer Note: Please refer to Glossary for defined terms and “Message from Our CEO” in Endnotes section for footnoted information. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Mr. Finkelstein has over 25 years of experience in fixed income investments. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Mr. Finkelstein is Vice Chair of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York as well as a member of the Financial Sector Advisory Council of the Federal Reserve Bank of Dallas. Mr. Finkelstein received a B.A. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Finkelstein also holds the Chartered Financial Analyst® designation. 748% total stock return since IPO 11 2023 ANNUAL REPORT
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