I 166

NLY 2023 Annual Report

FINANCIAL HIGHLIGHTS III
TABLE OF CONTENTS VII
MESSAGE FROM OUR CEO VIII
ANNALY INVESTMENT STRATEGIES 5
Agency 6
Residential Credit 7
Mortgage Servicing Rights 8
FINANCING, CAPITAL & LIQUIDITY 10
ONSLOW BAY STRATEGIC MILESTONES 11
CORPORATE RESPONSIBILITY & GOVERNANCE 12
Board Composition & Shareholder Engagement 13
Board of Directors 14
FORM 10-K 17
FORM 10-K TABLE OF CONTENTS 19
PART I 21
Item 1. Business 21
Item 1A. Risk Factors 32
Item 1B. Unresolved Staff Comments 63
Item 2. Properties 63
Item 3. Legal Proceedings 63
Item 4. Mine Safety Disclosures 63
PART II 64
Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64
Item 6. Reserved 66
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 67
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 109
Item 8. Financial Statements and Supplementary Data 109
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109
Item 9A. Controls and Procedures 109
Item 9B. Other Information 112
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112
PART III 113
Item 10. Directors, Executive Officers and Corporate Governance 113
Item 11. Executive Compensation 113
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 113
Item 13. Certain Relationships and Related Transactions, and Director Independence 115
Item 14. Principal Accounting Fees and Services 115
PART IV 116
Item 15. Exhibits, Financial Statement Schedules 116
Exhibit Index 116
Item 16. Form 10-K Summary 120
FINANCIAL STATEMENTS 121
SIGNATURES 160

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