Annaly presents at Barclays conference

• Today's Annaly Capital (NYSE:NLY) has 77% of its total capital devoted to agency RMBS holdings ($93.3B of assets) and 11% to commercial ($2.5B). Residential credit ($2.1B) and middle market lending ($700M) make up the rest.
• Presentation slides
• Management takes note of the company's outperformance during crisis, as well as superior returns over time against not just other mREITs, but the S&P.
• Size matters: Annaly's market cap is 20.1% of the total mREIT market cap of $55.3B. Its operating expenses as a percent of average equity are 1.6% vs. 3.52% for all internally managed mREITs; as a percent of assets is 0.23% vs. 0.78% for all internally managed mREITs.