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Building on Annaly’s support for American housing through high-quality residential investments.

Annaly Residential Credit provides financing to homeowners who are under served by traditional bank channels.

The strategy is to invest predominantly in non-Agency residential mortgage assets, in both the securitized product and whole loan markets. Positioned at the forefront of mortgage finance reform, the group also invests in products structured to transfer risk from government sponsored entities and expand the private sector’s role in the housing market. Empowered by the strength of Annaly’s capital and infrastructure, Annaly Residential Credit complements the Firm’s Agency business by providing assets that are pro-cyclical.

Annaly Residential Credit Group

Assets

$5.9bn(1)

Capital

$2.2bn

Strategy

Cyclical / Growth

Strategic Approach

  • Agile platform that can deploy capital across both the residential whole loan and Non-Agency securities markets
  • Whole loan strategy focused on loans made to creditworthy borrowers who are underserved by traditional bank lenders
  • Continued expansion of whole loan sourcing capabilities through the Onslow Bay correspondent channel, aggregating nearly $11.5 billion in expanded credit loans since inception in April 2021 through June 30, 2024
  • Programmatic securitization sponsor of new origination, residential whole loans with 68 deals comprising more than $28 billion of issuance since the beginning of 2018
  • Whole loan acquisition and securitization program provides the ability to create proprietary investments tailored to desired credit preferences with control over asset selection, counterparties and loss mitigation
  • Modest use of balance sheet leverage with most positions term financed through securitization
Strategic Approach

Portfolio Summary

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Sector Type(2)(3)

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Portfolio Evolution(2)

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Sector Type(2)(3)

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Portfolio Evolution(2)

Recent Securitizations

OBX 2024-NQM13
Onslow Bay Financial LLC
An Annaly Company
$582mm
Non-QM
Sep 2024
OBX 2024-J1
Onslow Bay Financial LLC
An Annaly Company
$358mm
Prime Jumbo
Sep 2024
OBX 2024-NQM14
Onslow Bay Financial LLC
An Annaly Company
$601mm
Non-QM
Sep 2024
OBX 2018-01
Onslow Bay Financial LLC
An Annaly Company
$327mm
Seasoned Prime ARMs
Mar 2018
OBX 2018-EXP1
Onslow Bay Financial LLC
An Annaly Company
$383mm
Expanded Prime
Aug 2018
OBX 2018-EXP2
Onslow Bay Financial LLC
An Annaly Company
$384mm
Expanded Prime
Oct 2018
OBX 2019-INV1
Onslow Bay Financial LLC
An Annaly Company
$394mm
Agency Investor
Jan 2019
OBX 2019-EXP1
Onslow Bay Financial LLC
An Annaly Company
$388mm
Expanded Prime
Apr 2019
OBX 2019-INV2
Onslow Bay Financial LLC
An Annaly Company
$384mm
Agency Investor
Jun 2019
OBX 2019-EXP2
Onslow Bay Financial LLC
An Annaly Company
$463mm
Expanded Prime
Jul 2019
OBX 2019-EXP3
Onslow Bay Financial LLC
An Annaly Company
$465mm
Expanded Prime
Oct 2019
OBX 2020- INV1
Onslow Bay Financial LLC
An Annaly Company
$375mm
Agency Investor
Jan 2020
OBX 2020- EXP1
Onslow Bay Financial LLC
An Annaly Company
$468mm
Expanded Prime
Feb 2020
OBX 2020- EXP2
Onslow Bay Financial LLC
An Annaly Company
$489mm
Expanded Prime
Jul 2020
OBX 2020-EXP3
Onslow Bay Financial LLC
An Annaly Company
$515mm
Expanded Prime
Sep 2020
OBX 2021-NQM1
Onslow Bay Financial LLC
An Annaly Company
$257mm
Non-QM
Mar 2021
OBX 2021-J1
Onslow Bay Financial LLC
An Annaly Company
$354mm
Prime Jumbo
Apr 2021
OBX 2021-NQM2
Onslow Bay Financial LLC
An Annaly Company
$376mm
Non-QM
Jun 2021
OBX 2021-J2
Onslow Bay Financial LLC
An Annaly Company
$382mm
Prime Jumbo
Jul 2021
OBX 2021-NQM3
Onslow Bay Financial LLC
An Annaly Company
$356mm
Non-QM
Aug 2021
OBX 2021-INV1
Onslow Bay Financial LLC
An Annaly Company
$320mm
Agency Investor
Sep 2021
OBX 2021-J3
Onslow Bay Financial LLC
An Annaly Company
$454mm
Prime Jumbo
Oct 2021
OBX 2021-INV2
Onslow Bay Financial LLC
An Annaly Company
$344mm
Agency Investor
Oct 2021
OBX 2021-INV3
Onslow Bay Financial LLC
An Annaly Company
$471mm
Agency Investor
Nov 2021
OBX 2021-NQM4
Onslow Bay Financial LLC
An Annaly Company
$543mm
Non-QM
Nov 2021
OBX 2022-NQM1
Onslow Bay Financial LLC
An Annaly Company
$557mm
Non-QM
Jan 2022
OBX 2022-INV1
Onslow Bay Financial LLC
An Annaly Company
$377mm
Agency Investor
Jan 2022
OBX 2022-INV2
Onslow Bay Financial LLC
An Annaly Company
$467mm
Agency Investor
Feb 2022
OBX 2022-NQM2
Onslow Bay Financial LLC
An Annaly Company
$439mm
Non-QM
Feb 2022
OBX 2022-INV3
Onslow Bay Financial LLC
An Annaly Company
$331mm
Agency Investor
Mar 2022
OBX 2022-NQM3
Onslow Bay Financial LLC
An Annaly Company
$316mm
Non-QM
Mar 2022
OBX 2022-J1
Onslow Bay Financial LLC
An Annaly Company
$389mm
Prime Jumbo
May 2022
OBX 2022-NQM4
Onslow Bay Financial LLC
An Annaly Company
$457mm
Non-QM
May 2022
OBX 2022-NQM5
Onslow Bay Financial LLC
An Annaly Company
$391mm
Non-QM
Jun 2022
OBX 2022-INV4
Onslow Bay Financial LLC
An Annaly Company
$336mm
Agency Investor
Jun 2022
OBX 2022-NQM6
Onslow Bay Financial LLC
An Annaly Company
$388mm
Non-QM
Jun 2022
OBX 2022-J2
Onslow Bay Financial LLC
An Annaly Company
$306mm
Prime Jumbo
Aug 2022
OBX 2022-NQM7
Onslow Bay Financial LLC
An Annaly Company
$359mm
Non-QM
Aug 2022
OBX 2022-NQM8
Onslow Bay Financial LLC
An Annaly Company
$397mm
Non-QM
Sep 2022
OBX 2022-INV5
Onslow Bay Financial LLC
An Annaly Company
$326mm
Agency Investor
Nov 2022
OBX 2022-NQM9
Onslow Bay Financial LLC
An Annaly Company
$359mm
Non-QM
Dec 2022
OBX 2023-NQM1
Onslow Bay Financial LLC
An Annaly Company
$405mm
Non-QM
Jan 2023
OBX 2023-J1
Onslow Bay Financial LLC
An Annaly Company
$306mm
Prime Jumbo
Feb 2023
OBX 2023-NQM2
Onslow Bay Financial LLC
An Annaly Company
$421mm
Non-QM
Feb 2023
OBX 2023-NQM3
Onslow Bay Financial LLC
An Annaly Company
$408mm
Non-QM
Apr 2023
OBX 2023-NQM4
Onslow Bay Financial LLC
An Annaly Company
$394mm
Non-QM
May 2023
OBX 2023-INV1
Onslow Bay Financial LLC
An Annaly Company
$315mm
Agency Investor
May 2023
OBX 2023-NQM5
Onslow Bay Financial LLC
An Annaly Company
$390mm
Non-QM
Jun 2023
OBX 2023-NQM6
Onslow Bay Financial LLC
An Annaly Company
$401mm
Non-QM
Jul 2023
OBX 2023-NQM7
Onslow Bay Financial LLC
An Annaly Company
$411mm
Non-QM
Sep 2023
OBX 2023-NQM8
Onslow Bay Financial LLC
An Annaly Company
$407mm
Non-QM
Oct 2023
OBX 2023-J2
Onslow Bay Financial LLC
An Annaly Company
$303mm
Prime Jumbo
Nov 2023
OBX 2023-NQM9
Onslow Bay Financial LLC
An Annaly Company
$394mm
Non-QM
Nov 2023
OBX 2023-NQM10
Onslow Bay Financial LLC
An Annaly Company
$388mm
Non-QM
Dec 2023
OBX 2024-NQM1
Onslow Bay Financial LLC
An Annaly Company
$414mm
Non-QM
Jan 2024
OBX 2024-NQM2
Onslow Bay Financial LLC
An Annaly Company
$496mm
Non-QM
Jan 2024
OBX 2024-HYB1
Onslow Bay Financial LLC
An Annaly Company
$412mm
Hybrid ARM
Feb 2024
OBX 2024-NQM3
Onslow Bay Financial LLC
An Annaly Company
$440mm
Non-QM
Feb 2024
OBX 2024-NQM4
Onslow Bay Financial LLC
An Annaly Company
$592mm
Non-QM
Mar 2024
OBX 2024-HYB2
Onslow Bay Financial LLC
An Annaly Company
$398mm
Hybrid ARM
Mar 2024
OBX 2024-NQM5
Onslow Bay Financial LLC
An Annaly Company
$575mm
Non-QM
Apr 2024
OBX 2024-NQM6
Onslow Bay Financial LLC
An Annaly Company
$441mm
Non-QM
Apr 2024
OBX 2024-NQM7
Onslow Bay Financial LLC
An Annaly Company
$552mm
Non-QM
May 2024
OBX 2024-NQM8
Onslow Bay Financial LLC
An Annaly Company
$723mm
Non-QM
May 2024
OBX 2024-NQM9
Onslow Bay Financial LLC
An Annaly Company
$532mm
Non-QM
Jun 2024
OBX 2024-NQM10
Onslow Bay Financial LLC
An Annaly Company
$483mm
Non-QM
Jul 2024
OBX 2024-NQM11
Onslow Bay Financial LLC
An Annaly Company
$603mm
Non-QM
Jul 2024
OBX 2024-NQM12
Onslow Bay Financial LLC
An Annaly Company
$532mm
Non-QM
Aug 2024

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Analytics, Innovation and Technology

Our significant technology investments have led to the development of proprietary portfolio analytics, financial and capital allocation modeling, and other risk and reporting tools, which, coupled with cutting-edge digital transformation applications, support the operating efficiency of our business. These in-house proprietary analytics support our portfolio through the identification of emerging prepayment trends and aid in accurately estimating cash flows.

Endnotes