<SEC-DOCUMENT>0001193125-22-154047.txt : 20220518
<SEC-HEADER>0001193125-22-154047.hdr.sgml : 20220518
<ACCEPTANCE-DATETIME>20220518161602
ACCESSION NUMBER:		0001193125-22-154047
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20220516
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220518
DATE AS OF CHANGE:		20220518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANNALY CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0001043219
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				223479661
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13447
		FILM NUMBER:		22939288

	BUSINESS ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 696 0100

	MAIL ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANNALY MORTGAGE MANAGEMENT INC
		DATE OF NAME CHANGE:	19970729
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d336024d8k.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8" ?>
<html xmlns:dei="http://xbrl.sec.gov/dei/2021" xmlns:us-types="http://fasb.org/us-types/2021-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:nly="http://annaly.com/20220516" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31" xmlns="http://www.w3.org/1999/xhtml">
<head>
<title>8-K</title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
   <body><div style="display:none"> <ix:header> <ix:hidden> <ix:nonNumeric id="Hidden_dei_EntityRegistrantName" name="dei:EntityRegistrantName" contextRef="duration_2022-05-16_to_2022-05-16">ANNALY CAPITAL MANAGEMENT INC</ix:nonNumeric> <ix:nonNumeric id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="dei:Security12bTitle" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</ix:nonNumeric> <ix:nonNumeric id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="dei:Security12bTitle" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</ix:nonNumeric> <ix:nonNumeric id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="dei:Security12bTitle" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</ix:nonNumeric> <ix:nonNumeric name="dei:AmendmentFlag" contextRef="duration_2022-05-16_to_2022-05-16">false</ix:nonNumeric> <ix:nonNumeric id="Hidden_dei_EntityCentralIndexKey" name="dei:EntityCentralIndexKey" contextRef="duration_2022-05-16_to_2022-05-16">0001043219</ix:nonNumeric> </ix:hidden> <ix:references> <link:schemaRef xlink:type="simple" xlink:href="nly-20220516.xsd" xlink:arcrole="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase"></link:schemaRef> </ix:references> <ix:resources> <xbrli:context id="duration_2022-05-16_to_2022-05-16"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001043219</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-05-16</xbrli:startDate> <xbrli:endDate>2022-05-16</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001043219</xbrli:identifier> <xbrli:segment> <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-05-16</xbrli:startDate> <xbrli:endDate>2022-05-16</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001043219</xbrli:identifier> <xbrli:segment> <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-05-16</xbrli:startDate> <xbrli:endDate>2022-05-16</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001043219</xbrli:identifier> <xbrli:segment> <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-05-16</xbrli:startDate> <xbrli:endDate>2022-05-16</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001043219</xbrli:identifier> <xbrli:segment> <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-05-16</xbrli:startDate> <xbrli:endDate>2022-05-16</xbrli:endDate> </xbrli:period> </xbrli:context> </ix:resources> </ix:header> </div> <div style="text-align:center"> <div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto"> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p> <p style="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">UNITED STATES</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">SECURITIES AND EXCHANGE COMMISSION</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">WASHINGTON, D.C. 20549</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">FORM <span style="white-space:nowrap"><ix:nonNumeric name="dei:DocumentType" contextRef="duration_2022-05-16_to_2022-05-16">8-K</ix:nonNumeric></span></p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Current Report</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Pursuant to Section&#160;13 or 15(d)</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">of the Securities Exchange Act of 1934</p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Date of Report (date of earliest event reported):</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="dei:DocumentPeriodEndDate" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt:datemonthdayyearen">May&#160;16, 2022</ix:nonNumeric></p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman;font-weight:bold;text-align:center"> <span style=" -sec-ix-hidden:Hidden_dei_EntityRegistrantName">Annaly Capital Management, Inc.</span> </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Exact name of registrant as specified in its charter)</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Commission file number <span style="white-space:nowrap"><ix:nonNumeric name="dei:EntityFileNumber" contextRef="duration_2022-05-16_to_2022-05-16">001-13447</ix:nonNumeric></span></p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse; font-family:Times New Roman; font-size:8pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:50%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:48%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:stateprovnameen">Maryland</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><span style="white-space:nowrap"><ix:nonNumeric name="dei:EntityTaxIdentificationNumber" contextRef="duration_2022-05-16_to_2022-05-16">22-3479661</ix:nonNumeric></span></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style=" text-align: center;margin:auto; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(State of</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">incorporation)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(I.R.S. Employer</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Identification No.)</p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="duration_2022-05-16_to_2022-05-16">1211 Avenue of the Americas</ix:nonNumeric></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="duration_2022-05-16_to_2022-05-16">New York</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:stateprovnameen">New York</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="duration_2022-05-16_to_2022-05-16">10036</ix:nonNumeric></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Address of principal executive offices)</p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="dei:CityAreaCode" contextRef="duration_2022-05-16_to_2022-05-16">(212)</ix:nonNumeric> <span style="white-space:nowrap"><ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="duration_2022-05-16_to_2022-05-16">696-0100</ix:nonNumeric></span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Registrant&#8217;s telephone number, including area code</p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Not Applicable</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Former Name or Former Address, if Changed Since Last Report)</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <span style="white-space:nowrap">8-K</span> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:34%"></td>
<td style="vertical-align:bottom"></td>
<td style="width:32%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:32%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of Each Class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of Each Exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on Which Registered</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">Common Stock, par value $0.01 per share</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">NLY</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"> <span style=" -sec-ix-hidden:Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"><span style="font-weight:bold">6.95% Series F <span style="white-space:nowrap"><span style="white-space:nowrap">Fixed-to-Floating</span></span> Rate Cumulative Redeemable Preferred Stock</span></span> </td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.F</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"> <span style=" -sec-ix-hidden:Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"><span style="font-weight:bold">6.50% Series G <span style="white-space:nowrap"><span style="white-space:nowrap">Fixed-to-Floating</span></span> Rate Cumulative Redeemable Preferred Stock</span></span> </td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.G</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"> <span style=" -sec-ix-hidden:Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"><span style="font-weight:bold">6.75% Series I <span style="white-space:nowrap"><span style="white-space:nowrap">Fixed-to-Floating</span></span> Rate Cumulative Redeemable Preferred Stock</span></span> </td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.I</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934.</p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&#160;&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2022-05-16_to_2022-05-16" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">

<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;1.01.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&#160;16, 2022, Annaly Capital Management, Inc. (the &#8220;Company&#8221;) entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Goldman Sachs&#160;&amp; Co. LLC, as representative of the several underwriters named therein (the &#8220;Underwriters&#8221;), relating to (i)&#160;the offer and sale of 100,000,000 shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;) and (ii)&#160;the grant by the Company to the Underwriters of an option to purchase up to an additional 15,000,000 shares of Common Stock (together, the &#8220;Shares&#8221;). The offering closed on May&#160;18, 2022. The Underwriting Agreement is filed as Exhibit 1.1 to this Current Report on Form <span style="white-space:nowrap">8-K</span> and the description of the Underwriting Agreement contained herein is qualified in its entirety by reference to such exhibit. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering was conducted pursuant to the Company&#8217;s Registration Statement on Form <span style="white-space:nowrap">S-3</span> (File <span style="white-space:nowrap">No.&#160;333-262424).</span> The offering was made pursuant to the prospectus supplement, dated May&#160;16, 2022, and the accompanying prospectus, dated January&#160;31, 2022, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the opinion of Venable LLP relating to the legality of the issuance and sale of the Shares is attached to this Current Report on Form <span style="white-space:nowrap">8-K</span> as Exhibit 5.1. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;9.01.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left">(d)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Exhibits. </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td></td>

<td style="vertical-align:bottom;width:4%"></td>
<td style="width:93%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Exhibit<br />No.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Description</p></td></tr>


<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">&#160;&#160;1.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d336024dex11.htm">Underwriting Agreement, dated May&#160;16, 2022, by and among Annaly Capital Management, Inc. and Goldman Sachs&#160;&amp; Co. LLC, as representative of the several underwriters. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">&#160;&#160;5.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d336024dex51.htm">Opinion of Venable LLP. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">23.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d336024dex51.htm">Consent of Venable LLP (included in Exhibit 5.1). </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">104</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Cover page interactive data file (formatted in iXBRL in Exhibit 101).</td></tr>
</table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">2/3 </p>

</div></div>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0">


<tr>

<td style="width:44%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:4%"></td>

<td style="vertical-align:bottom"></td>
<td style="width:5%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:44%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top" colspan="3"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANNALY CAPITAL MANAGEMENT, INC.</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(REGISTRANT)</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Date: May&#160;18, 2022</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anthony C. Green</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Name:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Anthony C. Green</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Chief Corporate Officer&#160;&amp; Chief Legal Officer</td></tr>
</table>
</div></div>

</body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d336024dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNALY CAPITAL MANAGEMENT, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>100,000,000 Shares of Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>($0.01 Par Value) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">May&nbsp;16, 2022 </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;16, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co.
LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As Representative of the several Underwriters named in Schedule A </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c/o</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Goldman Sachs&nbsp;&amp; Co. LLC </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">200 West Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, New
York 10282 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Annaly
Capital Management, Inc., a Maryland corporation (the &#147;<U>Company</U>&#148;), proposes to issue and sell to the several underwriters named in <U>Schedule A</U> hereto (the &#147;<U>Underwriters</U>&#148;),<B> </B>for whom Goldman
Sachs&nbsp;&amp; Co. LLC is acting as representative (the &#147;<U>Representative</U>&#148;), an aggregate of 100,000,000 shares (the &#147;<U>Firm Securities</U>&#148;) of common stock, $0.01 par value (the &#147;<U>Common Stock</U>&#148;) of the
Company. In addition, the Company proposes to grant to the Underwriters the option to purchase from the Company up to an additional 15,000,000 shares of Common Stock (the &#147;<U>Additional Securities</U>&#148;). The Firm Securities and the
Additional Securities are hereinafter collectively sometimes referred to as the &#147;<U>Securities</U>.&#148; The Securities are described in the Prospectus which is referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder
(collectively, the &#147;<U>Securities Act</U>&#148;), with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) an automatic shelf registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-262424),</FONT> as amended, including a base prospectus, with respect to the Securities, and which incorporates by reference documents which the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#147;<U>Exchange Act</U>&#148;), which registration statement became effective upon filing under Rule 462(e) of the Securities Act.
Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus supplement (the &#147;<U>Prospectus Supplement</U>&#148;) to the base prospectus included as part of such registration statement setting forth
the terms of the offering, sale and plan of distribution of the Securities and additional information concerning the Company and its business. The Company has furnished to the Representative, for use by the Underwriters and by dealers, copies of one
or more preliminary prospectuses, containing the base prospectus included as part of such registration statement, as supplemented by a preliminary Prospectus Supplement, and including the documents incorporated by reference in such base prospectus
or preliminary Prospectus Supplement (each, a &#147;<U>Preliminary Prospectus</U>&#148;), relating to the Securities. Except where the context otherwise requires, such registration statement (as amended when it became effective) including all
documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Commission pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act (the &#147;<U>Securities Act Regulations</U>&#148;), collectively, are herein called
the &#147;<U>Registration Statement</U>.&#148; The base prospectus, including all documents incorporated by reference therein, included in the Registration Statement, as supplemented by the Prospectus Supplement, in the form filed by the Company
with the Commission pursuant to Rule 424(b) and Rule 430B under the Securities Act on or before the second Business Day (as defined below) following the date of this Agreement (or on such other day as the parties may mutually agree), is herein
called the &#147;<U>Prospectus</U>.&#148; The information included in such prospectus that was omitted from such registration statement at the time it became effective but that is deemed to be part of such registration statement at the time it
became effective pursuant to Rule 430B is referred to as &#147;<U>Rule 430B Information</U>.&#148; Any reference herein to the Registration Statement, the Prospectus, any Preliminary Prospectus or any amendment or supplement thereto shall be deemed
to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the Prospectus or any
Preliminary Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the
Registration Statement, the Prospectus, any Preliminary Prospectus or to any amendment or supplement to any of the foregoing shall be deemed to include any copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and
Retrieval System (&#147;<U>EDGAR</U>&#148;), and such copy shall be identical in content to any Prospectus or Preliminary Prospectus delivered to the Underwriters for use in connection with the offering of the Securities except to the extent
permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to financial statements and
schedules and other information which is &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration Statement, any Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed to mean and
include all such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed by Securities Act Regulations to be a part of or included in the Registration Statement, any Preliminary Prospectus
or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include the filing of any document under
the Exchange Act which is incorporated by reference in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company and the Underwriters agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <B><U>Sale and Purchase</U></B>. Upon the basis of the warranties and representations and subject to the terms and conditions herein set
forth, the Company agrees to issue and sell the Firm Securities to the several Underwriters, and each of the Underwriters, severally and not jointly, agrees to purchase from the Company the respective number of Firm Securities (subject to such
adjustment as the Representative<B> </B>may determine to avoid fractional shares) set forth opposite the name of such Underwriter in <U>Schedule A</U> hereto at a purchase price of $6.39 per share. The Company is advised by the Representative<B>
</B>that the Underwriters intend (i)&nbsp;to make a public offering of the Securities as soon as the Underwriters deem advisable after this Agreement has been executed and delivered and (ii)&nbsp;initially to offer the Firm Securities upon the terms
set forth in the Prospectus. The Underwriters may from time to time increase or decrease the public offering price after the initial public offering to such extent as they may determine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, the Company hereby grants to the several Underwriters the option to purchase,
and upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase, severally and not jointly, from the Company ratably in accordance with the number
of Firm Securities to be purchased by each of them (subject to such adjustment as the Representative<B> </B>may determine to avoid fractional shares) all or a portion of the Additional Securities at the same purchase price per share to be paid by
the Underwriters to the Company for the Firm Securities; provided that the purchase price per share for any Additional Securities shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on
the Firm Securities but not payable on such Additional Securities. This option may be exercised by the Representative<B> </B>on behalf of the several Underwriters at any time and from time to time on or before the thirtieth day following the date
hereof, by written notice to the Company. Each such notice shall set forth the aggregate number of Additional Securities as to which the option is being exercised and the date and time when Additional Securities are to be delivered (any such date
and time being herein referred to as an &#147;<U>additional time of purchase</U>&#148;); provided, however, that an additional time of purchase shall not be (i)&nbsp;earlier than the time of purchase (as defined below) or (ii)&nbsp;later than the
tenth Business Day after the date on which the option shall have been exercised. The number of Additional Securities to be sold to each Underwriter shall be the number which bears the same proportion to the aggregate number of Additional Securities
being purchased as the number of Firm Securities set forth opposite the name of such Underwriter on <U>Schedule A</U> hereto bears to the aggregate number of Firm Securities (subject, in each case, to such adjustment as the Representative may
determine to eliminate fractional shares). As used herein &#147;<U>Business Day</U>&#148; shall mean a day on which the New York Stock Exchange (the &#147;<U>NYSE</U>&#148;) is open for trading and commercial banks in the City of New York are open
for business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <B><U>Payment and Delivery</U></B><B>.</B> Payment of the purchase price for the Firm Securities shall be made to the
Company by federal funds wire transfer against delivery of the certificates for the Firm Securities to the Representative through the facilities of the Depository Trust Company (&#147;<U>DTC</U>&#148;) for the respective accounts of the
Underwriters. Such payment and delivery shall be made at 10:00 A.M., New York City time, on May&nbsp;18, 2022 (unless another time shall be agreed to by the Representative and the Company or unless postponed in accordance with the provisions of
<U>Section</U><U></U><U>&nbsp;8</U> hereof). The time at which such payment and delivery are actually made is herein sometimes called the &#147;<U>time of purchase</U>.&#148; Delivery of the Firm Securities and Additional Securities shall be made
through the facilities of DTC and shall be in global form, as one or more global certificates representing the Securities, unless the Representative shall otherwise instruct. The Firm Securities so to be delivered or evidence of their issuance will
be made available for checking at least 24 hours prior to the time of purchase. Payment of the purchase price for Additional Securities shall be made at each additional time of purchase in the same manner and at the same office as the payment for
the Firm Securities. The Additional Securities being purchased on each additional time of purchase or evidence of their issuance will be made available for checking at a reasonable time in advance of such additional time of purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. <B><U>Representations and Warranties of the Company</U></B><B>.</B> The Company
represents and warrants to each of the Underwriters as of the date hereof, the Applicable Time referred to in <U>Section</U><U></U><U>&nbsp;3(d)</U>, as of the time of purchase and, if applicable, at each additional time of purchase that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;(1) At the time the Registration Statement was initially filed, (2)&nbsp;at the time of the most recent amendment
thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form
of prospectus), (3) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the Securities Act) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the
Securities Act and (4)&nbsp;at the date hereof, the Company was and is a &#147;well-known seasoned issuer&#148; as defined in Rule 405 of the Securities Act (&#147;<U>Rule 405</U>&#148;), including not having been and not being an &#147;ineligible
issuer&#148; as defined in Rule 405. The Registration Statement is an &#147;automatic shelf registration statement,&#148; as defined in Rule 405, and the Securities, since their registration on the Registration Statement, have been and remain
eligible for registration by the Company on a Rule 405 &#147;automatic shelf registration statement.&#148; The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the Securities Act objecting to the use of the
automatic shelf registration statement form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">At the time the Registration Statement was initially filed, at the earliest time thereafter
that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) of the Securities and at the date hereof, the Company was not and is not an &#147;ineligible issuer,&#148; as
defined in Rule 405. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Registration Statement became effective upon filing under Rule 462(e) of the Securities Act
on January&nbsp;31, 2022 and any post-effective amendment thereto also became effective upon filing under Rule 462(e). The Company has not received, and has no notice of, any order of the Commission preventing or suspending the use of the
Registration Statement or any post-effective amendment thereto, or threatening or instituting proceedings for that purpose. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or
the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. The Prospectus Supplement has been or will be so prepared and will be filed pursuant to Rule 424(b) of the Securities Act on or before the
second Business Day following the date of this Agreement or on such other day as the parties may mutually agree. The Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act.
Copies of the Registration Statement, the Preliminary Prospectus and the Prospectus, any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement
(including one fully executed copy of each of the Registration Statement and of each amendment thereto for the Underwriters) have been delivered to the Underwriters and their counsel (except for documents incorporated by reference that have
otherwise been filed and are publicly available on EDGAR). The Company has not distributed any offering material in connection with the offering or sale of the Securities other than the Registration Statement, the Preliminary Prospectus, the
Prospectus, Issuer General Use Free Writing Prospectuses (as defined below) or any other materials, if any, permitted by the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each part of the Registration Statement, and any post-effective
amendment thereto, when such part became effective and at each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2) of the Securities Act or was or is filed with the Commission, and the Prospectus and any amendment or
supplement thereto, on the date of filing thereof with the Commission and at the time of purchase and, if applicable, at each additional time of purchase, conformed or will conform in all material respects with the requirements of the Securities
Act. Each part of the Registration Statement, and any post-effective amendment thereto, when such part became effective and at each deemed effective date with respect to the Underwriters or when such part was or is filed with the Commission, did not
or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, any Preliminary Prospectus and any amendment or
supplement thereto, at their respective times of issuance and at the time of purchase and, if applicable, at each additional time of purchase, did not or will not include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the foregoing shall not apply to statements in, or omissions from, any such document in reliance upon, and in
conformity with, written information concerning the Underwriters that was furnished in writing to the Company by the Representative<B> </B>on behalf of the several Underwriters, specifically for use in the preparation thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) As of the Applicable Time neither (x)&nbsp;the Issuer General Use Free Writing Prospectus(es) (as defined below) issued at
or prior to the Applicable Time, the information included on <U>Schedule B</U> hereto and the Statutory Prospectus (as defined below) as of the Applicable Time, all considered together (collectively, the &#147;<U>General Disclosure
Package</U>&#148;), nor (y)&nbsp;any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As used
in this subsection and elsewhere in this Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Time</U>&#148; means 6:30 p.m<B>.</B> (New York City time) on
May&nbsp;16, 2022 or such other time as agreed by the Company and the Representative. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer Free Writing Prospectus</U>&#148;
means any &#147;issuer free writing prospectus,&#148; as defined in Rule 433 of the Securities Act (&#147;<U>Rule 433</U>&#148;), relating to the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a
&#147;road show that is a written communication&#148; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission or (iii)&nbsp;is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description
of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#146;s records pursuant to
Rule 433(g). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer General Use Free Writing Prospectus</U>&#148; means any Issuer Free Writing
Prospectus that is intended for general distribution to prospective investors, as evidenced by it being specified in <U>Schedule B</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer Limited Use Free Writing Prospectus</U>&#148; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free
Writing Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Statutory Prospectus</U>&#148; as of any time means the prospectus relating to the Securities that is
included in the Registration Statement immediately prior to that time, including any document incorporated by reference therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Securities or until any earlier date that the Company notified or notifies the Representative<B> </B>as
described in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by
reference therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information
furnished to the Company by any Underwriter through the Representative expressly for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The documents
incorporated by reference in the Registration Statement, the Preliminary Prospectus, the Prospectus or any amendment or supplement thereto, when they were or are filed with the Commission under the Securities Act or the Exchange Act, as the case may
be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable and, when read together with the other information in the Registration Statement, the General Disclosure Package
and the Prospectus (as applicable), (i) at the time the Registration Statement became effective, (ii)&nbsp;at the earlier of time the Prospectus was first used and the date and time of the first contract of sale of Securities in this offering and
(iii)&nbsp;at the Applicable Time, did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or
included or incorporated by reference in the Registration Statement, the General Disclosure Package, and the Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the
dates indicated and the results of operations, changes in financial position, stockholders&#146; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
applied throughout the periods involved (except as otherwise stated therein). The selected financial and statistical data included or incorporated by reference in the Registration Statement and
the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein. No other financial
statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Securities Act. The interactive data in eXtensible Business Reporting Language incorporated by reference in the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#146;s rules and guidelines applicable
thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Preliminary Prospectus was, and the Prospectus and the General Disclosure Package delivered to the
Underwriters for use in connection with this offering will be, identical to the versions of the Preliminary Prospectus, Prospectus and the General Disclosure Package, respectively, created to be transmitted to the Commission for filing via EDGAR,
except to the extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Company and each of its
subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as
applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct
of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its
subsidiaries taken as a whole (a &#147;<U>Company Material Adverse Effect</U>&#148;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and/or operate its
assets and properties, to conduct the business in which it is engaged and as described in the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement and to consummate the transactions
contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#147;<U>Arcola</U>&#148;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such
jurisdictions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company has no &#147;significant subsidiaries&#148; (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated under the Securities Act), and has no other subsidiaries except Annaly Middle Market Lending LLC, Annaly TRS, Inc., Arcola Securities, Inc.,
and Onslow Bay Financial LLC and as set forth in Exhibit 21.1 to the Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2021. Complete and correct copies of the charter and the
bylaws of the Company and all amendments thereto have been delivered to the Representative (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes
therein will be made subsequent to the date hereof and prior to the time of purchase or, if applicable, at each additional time of purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Company is not in breach of, or in default under (nor has any event
occurred which with notice, lapse of time, or both would result in any breach of, or constitute a default under), (i) its charter or bylaws or (ii)&nbsp;any obligation, agreement, covenant or condition contained in any contract, license, repurchase
agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets
or properties may be bound or affected, the effect of which breach or default under this clause (ii)&nbsp;could have a Company Material Adverse Effect. The execution, delivery and performance of this Agreement, the issuance and sale of the
Securities and consummation of the transactions contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of
time, or both would result in any breach of, constitute a default under or a Repayment Event under), (i) any provision of the charter or bylaws of the Company, (ii)&nbsp;any provision of any contract, license, repurchase agreement, indenture,
mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties
may be bound or affected, the effect of which could have a Company Material Adverse Effect, or (iii)&nbsp;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company. As used herein,
a &#147;<U>Repayment Event</U>&#148; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to require the repurchase, redemption or
repayment of all or a portion of such indebtedness by the Company or any subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) All of the issued and outstanding
shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable,</FONT> have been issued in compliance with all federal and
state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) This Agreement has been duly authorized, executed and delivered by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The capital stock of the Company, including the Securities, conforms and will conform in all material respects to the
description thereof contained in the Registration Statement, General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the same. If certificated, the global certificates
representing the Securities are in due and proper form and the holders of the Securities will not be subject to personal liability by reason of being such holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Securities have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and
when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and <FONT STYLE="white-space:nowrap">non-assessable,</FONT> free and clear of any pledge, lien, encumbrance, security interest or
other claim, and will be registered pursuant to Section&nbsp;12 of the Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) No approval, authorization, consent or order of or filing with any
national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Securities or the consummation by the Company of the transaction contemplated hereby other
than (i)&nbsp;registration of the Securities under the Securities Act, (ii)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Securities are being offered by the Underwriters, and
(iii)&nbsp;such approvals in connection with the approval of the listing of the Securities on NYSE. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) No person, as such
term is defined in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated under the Securities Act (each, a &#147;<U>Person</U>&#148;), has the right, contractual or otherwise, to
cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Securities to the Underwriters hereunder, nor does any Person have preemptive rights,
<FONT STYLE="white-space:nowrap">co-sale</FONT> rights, rights of first refusal or other rights to purchase or subscribe for any of the Securities or any securities or obligations convertible into or exchangeable for, or any contracts or commitments
to issue or sell any of, the Securities or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Ernst&nbsp;&amp; Young LLP (the &#147;<U>Accountants</U>&#148;), whose report on the consolidated financial statements of
the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made
all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in
the General Disclosure Package and the Prospectus, except as such as could not have a Company Material Adverse Effect. Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from
any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the General Disclosure Package and the Prospectus except as such could not have a Company
Material Adverse Effect. Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any
decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The descriptions in the Registration Statement, the General Disclosure Package and the Prospectus of the legal or
governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases, or other
documents of a character required to be described in the Registration Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement which are not described or filed as required. All
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
agreements between the Company and third parties expressly referenced in the General Disclosure Package and Prospectus are legal, valid and binding obligations of the Company, enforceable in
accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#146; rights generally and by general equitable principles and
except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) Except as set forth in the Registration Statement, General Disclosure Package and the Prospectus, there are no actions,
suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#146;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any
of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a
Company Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Except as otherwise may be disclosed therein, subsequent to the respective dates as
of which information is given in the Registration Statement, the General Disclosure Package (including as of the Applicable Time), and the Prospectus, there has not been (i)&nbsp;any material adverse change, or any development which would reasonably
be expected to cause a material adverse change, in the business, properties or assets described or referred to in the Registration Statement, the General Disclosure Package, or the Prospectus, or the results of operations, condition (financial or
otherwise), net worth, business, prospects or operations of the Company and its subsidiaries taken as a whole, (ii)&nbsp;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary
course of business, (iii)&nbsp;any obligation, direct or contingent, which is material to the Company and its subsidiaries taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business,
(iv)&nbsp;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary, or (v)&nbsp;except for regular quarterly dividends on the shares of the 6.95% Series F <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#147;<U>Series F Preferred Stock</U>&#148;), the 6.50% Series G <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#147;<U>Series G Preferred Stock</U>&#148;), the 6.750% Series I <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#147;<U>Series I Preferred Stock</U>&#148;), and the Common Stock, in amounts per
share that are consistent with past practice, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock. There are no contingent obligations that are material to the Company and its subsidiaries
taken as a whole which are not disclosed in the Registration Statement, the General Disclosure Package or the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Except as set forth in the Registration Statement, General Disclosure Package and the Prospectus, there are no Persons with
registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the
Company under the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The Company (i)&nbsp;does not have any issued and outstanding preferred
stock, other than 28,800,000 shares of Series F Preferred Stock, 17,000,000 shares of Series G Preferred Stock, and 17,700,000 shares of Series I Preferred Stock, (ii)&nbsp;has not failed to pay any dividend or sinking fund installment on preferred
stock and (iii)&nbsp;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and
its subsidiaries, taken as a whole. The Company has not filed a report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> indicating that it
(i)&nbsp;has failed to pay any dividend or sinking fund installment on preferred stock or (ii)&nbsp;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a
Company Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) Neither the Company nor any of its officers, directors and controlling Persons have,
directly or indirectly, (i)&nbsp;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the
sale of the Securities, or (ii) (except pursuant to this Agreement, shares of the Company&#146;s Common Stock issued pursuant to the Company&#146;s dividend reinvestment and share purchase plan (the &#147;<U>DRSPP</U>&#148;) and the retirement of
the Company&#146;s long-term indebtedness)&nbsp;(A) sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Securities or (B)&nbsp;since November&nbsp;4, 2021 paid or agreed to pay to any Person any compensation
for soliciting another to purchase any other securities of the Company other than in connection with those certain distribution agency agreements, each dated January&nbsp;3, 2018, as amended and restated on August&nbsp;6, 2021, with each of Wells
Fargo Securities, LLC, BofA Securities, Inc. (formerly known as Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith, Incorporated), Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs&nbsp;&amp; Co.
LLC, J.P. Morgan Securities LLC, Keefe, Bruyette&nbsp;&amp; Woods, Inc., RBC Capital Markets, LLC and UBS Securities LLC (together, the &#147;<U>Distribution Agency Agreements</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) The Company has applied to have the Securities listed on the NYSE, and the Securities will have been approved for listing
on the NYSE as of the time of purchase, subject only to official notice of issuance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) Neither the Company nor any of
its affiliates, except for Arcola, (i)&nbsp;is required to register as a &#147;broker&#148; or &#147;dealer&#148; in accordance with the provisions of the Exchange Act or (ii)&nbsp;directly or indirectly through one or more intermediaries, controls
or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;)) any member firm of FINRA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) Any certificate signed by any officer of the Company delivered to the Representative or to counsel for the Underwriters
pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) As of the date of this Agreement, the Company has no plan or intention
to materially alter its capital investment policy or investment allocation strategy, both as described in the General Disclosure Package and the Prospectus, and is in compliance with its stated capital investment policy and investment allocation
strategy. Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects
(except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or similar financing arrangement), except such as do not have a Company Material Adverse Effect and do not interfere
with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Prospectus and the General Disclosure Package. The Company owns no real property that is material,
on an individual basis, to the Company. Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the General Disclosure Package
and the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on
or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally
accepted accounting principles. The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company. To the knowledge of the Company, there are no tax returns of the Company that are
currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names,
copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and <FONT STYLE="white-space:nowrap">know-how</FONT> (collectively, &#147;<U>Intangibles</U>&#148;) necessary to entitle the Company
to conduct its business as described in the General Disclosure Package and the Prospectus, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted
rights of others with respect to any Intangibles which could have a Company Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) The Company
maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations, (ii)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&nbsp;access to assets is permitted only in accordance
with management&#146;s general or specific authorization, (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&nbsp;the
interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and are
prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) The Company has established and maintains disclosure controls and
procedures (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13a-14</FONT> and <FONT STYLE="white-space:nowrap">15d-14</FONT> under the Exchange Act); such disclosure controls and procedures are designed to ensure that material
information relating to the Company is made known to the Company&#146;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established; any
significant material weaknesses in internal controls have been identified for the Company&#146;s Chief Executive Officer and its Chief Financial Officer; and since the date of the most recent evaluation of such disclosure controls and procedures,
there have been no significant changes in internal controls or in other factors that could significantly affect internal controls. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the business in which it is engaged. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, the Company is not
in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company. The Company has received all permits, licenses or other approvals required of
them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any
such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a
Company Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Neither the Company nor any of its subsidiaries has incurred any liability for any
finder&#146;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Underwriters pursuant to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj) Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, there are no
existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk) No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and
the directors, officers and stockholders of the Company, on the other hand, which is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll) The Company, since its date of inception, has been, and upon the sale
of the Securities will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a &#147;real estate investment trust&#148; (a &#147;<U>REIT</U>&#148;) under Sections 856 through 860 of the Internal
Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#147;<U>Code</U>&#148;), for all taxable years commencing with its taxable year ended December&nbsp;31, 1997. The proposed method of
operation of the Company as described in the General Disclosure Package and the Prospectus will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not
taken which are required to be taken) which would cause such qualification to be lost. The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code. The Company has no intention of changing its
operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mm) Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Securities, will be
required to register as an &#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company,&#148; as such terms are defined in the Investment Company Act of 1940, as amended (the &#147;<U>Investment Company
Act</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nn) To the Company&#146;s knowledge, no relationship, direct or indirect, exists between or among the
Company or any subsidiary, on the one hand, and the officers, 5% stockholders or directors of the Company or any subsidiary, on the other hand, which is required by the rules of FINRA to be described in the Registration Statement and the Prospectus
which is not so described. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(oo) The Company has not, directly or indirectly, including through any subsidiary, extended
credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of
the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(pp) Neither the Company nor any of the subsidiaries nor, to the Company&#146;s knowledge, any employee or
agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character
required to be disclosed in the Registration Statement or the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(qq) The Company is in compliance with all
applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder (the &#147;<U>Sarbanes-Oxley Act</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(rr) The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with
all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money laundering statutes of jurisdictions where the Company and its
subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;Anti-Money Laundering Laws&#148;),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of
the Company, threatened. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ss)&nbsp;(A) Neither the Company nor any of its subsidiaries, nor any director, officer or
employee thereof, nor, to the Company&#146;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#147;<U>Covered Person</U>&#148;) that is, or is owned or controlled by a Covered Person that
is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#146;s Office of Foreign
Assets Control (&#147;<U>OFAC</U>&#148;), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury or other relevant sanctions authority (collectively, &#147;<U>Sanctions</U>&#148;); nor </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation,
Crimea, Cuba, Donetsk People&#146;s Republic, Iran, Luhansk People&#146;s Republic, North Korea, Russia and Syria). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)
The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the
time of such funding or facilitation, is the subject of Sanctions; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in any other manner that will result in a
violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in,
any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#146;s knowledge, employee
thereof, nor, to the Company&#146;s knowledge, any agent, affiliate or representative of the Company or any of them: (i)&nbsp;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (ii)&nbsp;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds; (iii)&nbsp;has made any bribe,
unlawful </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
rebate, payoff, influence payment, kickback or other unlawful payment; or (iv)&nbsp;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the OECD Convention on Bribery of Foreign Public Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#147;FCPA&#148;) or any similar
law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject. The Company, its
subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and has instituted and maintains policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(tt) The Registration Statement is not the subject of a
pending proceeding or examination under Section&nbsp;8(d) or 8(e) of the Securities Act, and, to the Company&#146;s knowledge, the Company is not the subject of a pending proceeding under Section&nbsp;8A of the Securities Act in connection with the
offering of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(uu) There are no securities or preferred stock of or guaranteed by the Company that are rated
by a &#147;nationally recognized statistical rating organization,&#148; as such term is defined in Section&nbsp;3(a)(62) in the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vv) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect,
(A)&nbsp;to the knowledge of the Company, there has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company or its subsidiaries information technology and computer systems, networks,
hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and its subsidiaries, and any such data
processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively, &#147;<U>IT Systems and Data</U>&#148;), (B) neither the Company nor its subsidiaries have been notified of, and have no
knowledge of any event or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data and (C)&nbsp;the Company and its subsidiaries have implemented appropriate
controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as
required by applicable regulatory standards. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or
regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except
for such failures as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. <B><U>Certain Covenants of the Company</U></B><B>.</B> The Company hereby covenants and
agrees with each of the Underwriters that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company will furnish such information as may be required and otherwise
will cooperate in qualifying the Securities for offering and sale under the securities or blue sky laws of such jurisdictions (both domestic and foreign) as the Representative<B> </B>may designate and to maintain such qualifications in effect so
long as required for the distribution of the Securities, provided that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process
with respect to the offering and sale of the Securities). The Company will promptly advise the Representative of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Company will prepare the
Prospectus in a form in compliance with Rule 430B and approved by the Underwriters and file such Prospectus with the Commission pursuant to Rule 424(b) under the Securities Act not later than 10:00 A.M. (New York City time), on or before the second
Business Day following the date of this Agreement or on such other day as the parties may mutually agree and to furnish promptly (and with respect to the initial delivery of such Prospectus, not later than 10:00 A.M. (New York City time) on or
before the second Business Day following the date of this Agreement or on such other day as the parties may mutually agree) to the Underwriters copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made
any amendments or supplements thereto after the effective date of the Registration Statement) in such quantities and at such locations as the Underwriters may reasonably request for the purposes contemplated by the Securities Act, which the
Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the version created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Company will advise the Representative promptly, confirming such advice in
writing, of (i)&nbsp;the receipt of any comments from the Commission relating to any filing of the Company under the Securities Act or the Exchange Act, (ii)&nbsp;any request by the Commission for amendments or supplements to the Registration
Statement or the Prospectus or for additional information with respect thereto, (iii)&nbsp;the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use
of any Preliminary Prospectus or the Prospectus or of any examination pursuant to Section&nbsp;8(e) of the Securities Act concerning the Registration Statement, (iv)&nbsp;the suspension of the qualification of the Securities for offering or sale in
any jurisdiction, and (v)&nbsp;the initiation, threatening or contemplation of any proceedings for any of such purposes and, if the Commission or any other governmental agency or authority should issue any such order, the Company will make every
reasonable effort to obtain the lifting or removal of such order as soon as possible, in each case until such time that all of the Securities have been resold by the Underwriters as contemplated by the Prospectus. The Company will advise the
Representative promptly of any proposal to amend or supplement the Registration Statement or the Prospectus </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
including by filing any documents that would be incorporated by reference therein, and will furnish the Representative with copies of any such documents a reasonable amount of time prior to such
proposed filing or use, as the case may be, and will not file or use any such document to which the Representative or counsel for the Underwriters shall object in writing, in each case until such time that all of the Securities have been resold by
the Underwriters as contemplated by the Prospectus. The Company has given the Representative notice of any filings made pursuant to the Exchange Act within 48 hours prior to the Applicable Time; the Company will give the Representative notice of its
intention to make any such filing from the Applicable Time to the time of purchase and, if applicable, each additional time of purchase, and will furnish the Representative with copies of any such documents a reasonable amount of time prior to such
proposed filing, as the case may be, and will not file or use any such document to which the Representative or counsel for the Underwriters shall object in writing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company will advise the Representative promptly and, if requested by the Representative, will confirm such advice in
writing when any post-effective amendment to the Registration Statement becomes effective under the Securities Act until such time that all of the Securities have been resold by the Underwriters as contemplated by the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Company will furnish to the Representative, and upon request to each of the other Underwriters for a period of five
years from the date of this Agreement (i)&nbsp;copies of any reports or other communications which the Company shall send to its stockholders or shall from time to time publish or publicly disseminate, (ii)&nbsp;copies of all annual, quarterly and
current reports filed with the Commission on Forms <FONT STYLE="white-space:nowrap">10-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">8-K,</FONT> or such other similar form as may be designated by the
Commission, (iii)&nbsp;copies of documents or reports filed with any national securities exchange on which any class of securities of the Company is listed and (iv)&nbsp;such other information as the Representative may reasonably request regarding
the Company, in each case as soon as such communications, documents or information become available; provided that any materials described in clauses (i) &#150; (iv) that are filed with the Commission and available through EDGAR shall be deemed
automatically furnished without any further action by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Company will advise the Representative promptly
of the happening of any event known to the Company within the time during which a Prospectus relating to the Securities is required to be delivered under the Securities Act which would require the making of any change in the Prospectus then being
used, or in the information incorporated by reference therein, so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus to comply with any law. If within the time during which a Prospectus relating to the Securities is
required to be delivered under the Securities Act any event shall occur or condition shall exist which, in the reasonable opinion of the Company, the Representative or its counsel, would require the making of any change in the Prospectus then being
used, or in the information incorporated by reference therein, so that the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Prospectus would not include an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus to comply with any law, the Company will notify the Representative<B> </B>and promptly prepare and furnish to the
Underwriters copies of the proposed amendment or supplement before filing any such amendment or supplement with the Commission and thereafter promptly furnish, at the Company&#146;s own expense, to the Underwriters and to dealers copies in such
quantities and at such locations as the Representative may from time to time reasonably request of an appropriate amendment to the Registration Statement or supplement to the Prospectus so that the Prospectus as so amended or supplemented will not,
in the circumstances when it is so delivered, be misleading or so that the Prospectus will comply with the law. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement relating to the Securities or the Statutory Prospectus or any preliminary prospectus or included or would include an
untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances, prevailing at that subsequent time, not misleading, the Company will promptly
notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Company will make generally available to its stockholders as soon as practicable, and in the manner contemplated by
Rule 158 of the Securities Act but in any event not later than 15 months after the end of the Company&#146;s current fiscal quarter, an earnings statement (which need not be audited) covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period
beginning after the date upon which the Prospectus is filed pursuant to Rule 424(b) under the Securities Act that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 thereunder and will advise the Underwriters in
writing when such statement has been made available. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Company will furnish to the Representative a signed copy of
the Registration Statement, as initially filed with the Commission, and of all amendments thereto (including all exhibits thereto and documents incorporated by reference therein) and such number of conformed copies of the foregoing (other than
exhibits) as the Representative may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company will apply the net proceeds from the sale of the
Securities in the manner set forth under the caption &#147;<U>Use of Proceeds</U>&#148; in the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Company
will furnish to the Representative, not less than two Business Days before a filing with the Commission, for the period ending at such time that all of the Securities have been resold by the Underwriters as contemplated by the Prospectus, a copy of
any document proposed to be filed pursuant to Section&nbsp;13, 14 or 15(d) of the Exchange Act and during such period will file all such documents in a manner and within the time periods required by the Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Company will not offer, sell, contract to sell, pledge, register,
grant any option to purchase or otherwise dispose of, directly or indirectly, any securities substantially similar to the Securities, including the Common Stock, or any securities convertible into, exercisable or exchangeable for, or represent
rights to receive, the Securities or securities substantially similar to the Securities, including the Common Stock, except for the sales to the Underwriters pursuant to this Agreement, for a period of 30 days after the date hereof, without the
prior written consent of the Representative. The foregoing sentence shall not apply to (i)&nbsp;the Securities to be sold hereunder, (ii)&nbsp;the issuance of Common Stock, restricted stock, options or other units or awards pursuant to the
Company&#146;s long term stock incentive plans as currently in effect (or the filing of a Form <FONT STYLE="white-space:nowrap">S-8</FONT> related to such plans) or pursuant to the exercise of employee stock options or other awards, (iii)&nbsp;the
issuance of Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form <FONT STYLE="white-space:nowrap">S-3</FONT> related to such a plan), (iv) the offering or issuance of Common Stock
pursuant to the Distribution Agency Agreements and (v)&nbsp;the offering or issuance of any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#147;change of control.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Company will use its best efforts to cause the Securities to be listed on the NYSE within the time period specified in
the Prospectus and to maintain such listing and to file with the NYSE all documents and notices required by the NYSE of companies that have securities that are listed on the NYSE. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Company will use its best efforts to cause each of the individuals listed on <U>Schedule C</U> hereto to furnish to the
Representative, prior to the time of purchase, a letter or letters, substantially in the form of <U>Exhibit B</U> hereto, pursuant to which each such person shall agree, subject to certain exceptions set forth therein, not to sell, offer, contract
to sell, pledge, grant any option to purchase or otherwise dispose of, directly or indirectly, any shares of capital stock, or any securities convertible into, or exercisable, exchangeable or redeemable for shares of capital stock of the Company for
a period of 30 days after the date hereof, without the prior written consent of the Representative. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Company will
maintain and keep accurate books and records reflecting its assets and maintain internal accounting controls which provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s authorization,
(ii)&nbsp;transactions are recorded as necessary to permit the preparation of the Company&#146;s consolidated financial statements and to maintain accountability for the assets of the Company, (iii)&nbsp;access to the assets of the Company is
permitted only in accordance with management&#146;s authorization and (iv)&nbsp;the recorded accounts of the assets of the Company are compared with existing assets at reasonable intervals. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Company will maintain, at its expense, a registrar and transfer agent for the Securities. </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) The Company will pay all expenses, fees and taxes (other than any fees
and disbursements of counsel for the Underwriters, except as set forth under <U>Section</U><U></U><U>&nbsp;5</U> hereof or (v)&nbsp;or (vii) below) in connection with (i)&nbsp;the preparation and filing of the Registration Statement, each
Preliminary Prospectus, the Prospectus, any Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and
shipment), (ii) the issuance, sale and delivery of the Securities by the Company, (iii)&nbsp;the word processing and/or printing of this Agreement, any agreement among the Underwriters, any dealer agreements, and the reproduction and/or printing and
furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and shipment), (iv) the costs and expenses of the Company relating to investor presentations on any &#147;road show&#148; undertaken in connection
with the marketing of the Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations, travel and
lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of aircraft and other transportation chartered in connection with the road show, except that the lodging, airfare (except if the Company
charters a flight in which case employees of the Underwriters ride on such charter without charge), and incidental expenses of employees of the Underwriters shall be the responsibility of the Underwriters, (v)&nbsp;the qualification of the
Securities for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the legal fees and filing fees and other disbursements of counsel to the Underwriters) and the
preparation, printing and furnishing of copies of any blue sky surveys or legal investment surveys to the Underwriters and to dealers, (vi)&nbsp;any listing of the Securities on the NYSE and any registration thereof under the Exchange Act and the
approval for book-entry transfer by DTC, (vii)&nbsp;the filing, if any, for review of the public offering of the Securities by FINRA, (viii)&nbsp;the performance of the Company&#146;s other obligations hereunder, and (ix)&nbsp;the costs and expenses
(including without limitation any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by the Underwriters caused by a breach of the
representation contained in the first paragraph of <U>Section</U><U></U><U>&nbsp;3(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) The Company will not, prior
to termination of the underwriting syndicate contemplated by this Agreement, (i)&nbsp;take, directly or indirectly, any action designed to stabilize or manipulate the price of any security of the Company, or which may cause or result in, or which
might in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, to facilitate the sale or resale of any of the Securities, (ii)&nbsp;sell, bid for, purchase or pay any
Person (other than as contemplated by the provisions hereof) any compensation for soliciting purchases of the Securities, or (iii)&nbsp;pay or agree to pay to any Person any compensation for soliciting any order to purchase any other securities of
the Company, in each case, other than permitted activity pursuant to Regulation M under the Exchange Act and Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) The Company will not invest in futures contracts, options on futures contracts or options on commodities unless the Company
is exempt from the registration requirements of the Commodity Exchange Act, as amended, or otherwise complies with the Commodity Exchange Act, as amended. In addition, the Company will not engage in any activities which might be subject to the
Commodity Exchange Act, as amended, unless such activities are exempt from that Act or otherwise comply with that Act or with an applicable <FONT STYLE="white-space:nowrap">no-action</FONT> letter to the Company from the Commodities Futures Trading
Commission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The Company will comply with all of the provisions of any undertakings
in the Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) The Company has been organized and operated in conformity with the requirements for
qualification and taxation of the Company as a REIT under the Code, and the Company&#146;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code for the
2022 fiscal year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) The Company has retained the Accountants as its qualified accountants and qualified tax experts
(i)&nbsp;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#146;s exempt status under the Investment Company Act and (ii)&nbsp;to otherwise assist the
Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#146;s exempt status under the Investment Company Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) The Company will comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to
time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Securities as contemplated by the provisions hereof and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The Company will maintain such controls and other procedures, including, without limitation, those required by Sections 302
and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Commission&#146;s rules and forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports
that it files or submits under the Exchange Act is accumulated and communicated to the Company&#146;s management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure and to ensure that material information relating to the Company is made known to them by others within those entities, particularly during the period in which such periodic reports are being prepared.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) The Company will comply with all effective applicable provisions of the Sarbanes-Oxley Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) The Company represents and agrees that, unless it obtains the prior
consent of the Representative, and each Underwriter represents and agrees that, unless it obtains the prior consent of the Company and the Representative, it has not made and will not make any offer relating to the Securities that would constitute
an &#147;issuer free writing prospectus,&#148; as defined in Rule 433, or that would otherwise constitute a &#147;free writing prospectus,&#148; as defined in Rule 405, required to be filed with the Commission or, in the case of the Company, whether
or not required to be filed with the Commission; provided, however, that prior to the preparation of the Prospectus in accordance with <U>Section</U><U></U><U>&nbsp;4(b)</U>, the Underwriters are authorized to use the information with respect to the
final terms of the Securities in communications conveying information relating to the offering to investors. Any such free writing prospectus consented to by the Company and the Representative is hereinafter referred to as a &#147;<U>Permitted Free
Writing Prospectus</U>.&#148; The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an &#147;issuer free writing prospectus,&#148; as defined in Rule 433, and has complied and will comply
with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) If the third anniversary of the initial effective date of the Registration Statement occurs before all the Securities have
been sold by the Underwriters, prior to the third anniversary the Company will file a new shelf registration statement and to take any other action necessary to permit the public offering of the Securities to continue without interruption;
references herein to the Registration Statement shall include the new registration statement automatically effective upon filing or declared effective by the Commission, as applicable; provided, however, for the avoidance of doubt, this subsection
(z)&nbsp;shall not apply unless the Representative notifies the Company that not all of the Securities have been sold by the Underwriters at least 60 days prior to the third anniversary of the initial effective date of the Registration Statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. <B><U>Reimbursement of Underwriters&#146; Expenses</U></B><B>.</B> If the Securities are not delivered for any reason other than the
termination of this Agreement pursuant to the default by one or more of the Underwriters in its or their respective obligations hereunder, the Company shall, in addition to paying the amounts described in <U>Section</U><U></U><U>&nbsp;4(p)</U>
hereof, reimburse the Underwriters for all of their <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, including the fees and disbursements of their counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. <B><U>Conditions of Underwriters&#146; Obligations</U></B><B>.</B> The several obligations of the Underwriters hereunder are subject to the
accuracy of the representations and warranties on the part of the Company on the date hereof, at the Applicable Time and at the time of purchase (and the several obligations of the Underwriters at each additional time of purchase are subject to the
accuracy of the representations and warranties on the part of the Company on the date hereof, at the Applicable Time and at the time of purchase (unless previously waived) and at each additional time of purchase, as the case may be), the performance
by the Company of its obligations hereunder and to the following additional conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company shall
furnish to the Representative at the time of purchase and at each additional time of purchase, as the case may be, an opinion of Hunton Andrews Kurth LLP, special counsel for the Company, addressed to the Underwriters, and dated the time of purchase
or each additional time of purchase, as the case may be, with reproduced copies for each of the other Underwriters and in form satisfactory to Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, substantially in the form of <U>Exhibit <FONT
STYLE="white-space:nowrap">A-1</FONT></U> hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Company shall furnish to the Representative at the time of purchase
and at each additional time of purchase, as the case may be, an opinion of Hunton Andrews Kurth LLP, tax counsel for the Company, addressed to the Underwriters, and dated the time of purchase or each additional time of purchase, as the case may be,
with reproduced copies for each of the other Underwriters and in form satisfactory to Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></U> hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Company shall furnish to the Representative at the time of purchase and at each additional time of purchase, as the
case may be, an opinion of Venable LLP, special Maryland counsel for the Company, addressed to the Underwriters, and dated the time of purchase or each additional time of purchase, as the case may be, with reproduced copies for each of the other
Underwriters and in form satisfactory to Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">A-3</FONT></U> hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Company shall furnish to the Representative at the time of purchase and at each additional time of purchase, as the
case may be, an opinion of Anthony C. Green, Chief Legal Officer for the Company, addressed to the Underwriters, and dated the time of purchase or each additional time of purchase, as the case may be, with reproduced copies for each of the other
Underwriters and in form satisfactory to Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">A-4</FONT></U> hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Representative shall have received from the Accountants letters dated, respectively, the date of this Agreement and the
time of purchase and each additional time of purchase, as the case may be, and addressed to the Underwriters in the forms heretofore approved by the Representative relating to the financial statements, including any pro forma financial statements of
the Company and such other matters customarily covered by comfort letters issued in connection with a registered public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the
event that the letters referred to above set forth any such changes, decreases or increases, it shall be a further condition to the obligations of the Underwriters that (i)&nbsp;such letters shall be accompanied by a written explanation of the
Company as to the significance thereof, unless the Representative deems such explanation unnecessary, and (ii)&nbsp;such changes, decreases or increases do not, in the sole judgment of the Representative, make it impractical or inadvisable to
proceed with the purchase and delivery of the Securities as contemplated by the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Representative shall have received at the time of purchase and at each additional time of purchase, as the case may be,
the favorable opinion of Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, dated the time of purchase or each additional time of purchase, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) No amendment or supplement to the Registration Statement or the Prospectus, including the documents deemed to be
incorporated by reference therein, or Issuer Free Writing Prospectus shall be filed to which the Underwriters object in writing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Prior to the time of purchase or each additional time of purchase, as
the case may be, (i)&nbsp;no stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Securities Act or proceedings initiated under Section&nbsp;8(d) or 8(e) of the Securities Act; (ii)&nbsp;the
Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; and (iii)&nbsp;the Prospectus and all amendments or supplements thereto, or modifications thereof, if any, and the General Disclosure Package shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the time of purchase or
each additional time of purchase, as the case may be, shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424 (without reliance on Rule 424(b)(8)). A prospectus containing the Rule 430B Information shall
have been filed with the Commission in accordance with Rule 424(b) (or a post-effective amendment providing such information shall have been filed and declared effective in accordance with the requirements of Rule 430B). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Between the time of execution of this Agreement and the time of purchase or each additional time of purchase, as the case
may be, (i)&nbsp;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement, and the Prospectus and the General Disclosure Package, in each case as of the Applicable Time), in the business,
condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, shall occur or become known and (ii)&nbsp;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole, shall
have been entered into by the Company or any of its subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Company will, at the time of purchase or each
additional time of purchase, as the case may be, deliver to the Representative a certificate of two of its executive officers to the effect that the representations and warranties of the Company as set forth in this Agreement are true and correct as
of each such date, that the Company shall perform such of its obligations under this Agreement as are to be performed at or before the time of purchase and at or before each additional time of purchase, as the case may be, and that the conditions
set forth in <U>subsections (h)</U>&nbsp;and <U>(j)</U> of this <U>Section</U><U></U><U>&nbsp;6</U> have been met. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The
Company shall have furnished to the Representative such other documents and certificates as to the accuracy and completeness of any statement in the Registration Statement and the Prospectus as of the time of purchase and each additional time of
purchase, as the case may be, as the Representative may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Securities shall have been approved
for listing on the NYSE, subject only to notice of issuance at or prior to the time of purchase or each additional time of purchase, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) FINRA shall not have raised any objection with respect to the fairness
and reasonableness of the underwriting terms and arrangements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Representative shall have received <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreements from the individuals listed on <U>Schedule C</U> hereto, in the form of <U>Exhibit B</U> hereto, and such letter agreements shall be in full force and effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) If applicable, between the time of execution of this Agreement and the time of purchase or each additional time of
purchase, as the case may be, there shall not have occurred any downgrading, nor shall any notice or announcement have been given or made of (i)&nbsp;any intended or potential downgrading or (ii)&nbsp;any review or possible change that does not
indicate an improvement, in the rating accorded any securities of or guaranteed by the Company by any &#147;nationally recognized statistical rating organization,&#148; as that term is defined under Section&nbsp;3(a)(62) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. <B><U>Termination</U></B><B>.</B> The obligations of the several Underwriters hereunder shall be subject to termination in the absolute
discretion of the Representative, at any time prior to the time of purchase or, if applicable, each additional time of purchase, (i)&nbsp;if any of the conditions specified in <U>Section</U><U></U><U>&nbsp;6</U> shall not have been fulfilled when
and as required by this Agreement to be fulfilled, (ii)&nbsp;if any material adverse and unfavorable change occurs (financial or otherwise), or any development involving a material adverse and unfavorable change occurs (financial or otherwise) (in
each case, other than as disclosed in, or incorporated by reference into, the Registration Statement, the General Disclosure Package, and the Prospectus as of the Applicable Time (exclusive of any supplement thereto)), in the operations, business,
net worth, condition or prospects of the Company and its subsidiaries, taken as a whole, or a material change in management of the Company occurs, whether or not arising in the ordinary course of business, which would, in the sole judgment of the
Representative, make it impracticable to market the Securities, (iii)&nbsp;if (a) the United States shall have declared war in accordance with its constitutional processes or there has occurred an outbreak or escalation of hostilities or other
national or international calamity or crisis or change or development in economic, political or other conditions the effect of which on, or (b)&nbsp;any material adverse change in the financial markets of the United States or the international
financial markets is such as to make it, in the sole judgment of the Representative, impracticable or inadvisable to market the Securities or enforce contracts for the sale of the Securities, (iv)&nbsp;if trading in any securities of the Company has
been suspended or materially limited by the Commission or by the NYSE, or if trading generally on the NYSE, NYSE American LLC or the Nasdaq Global Market has been suspended, materially limited, (including an automatic halt in trading pursuant to
market-decline triggers other than those in which solely program trading is temporarily halted), or limitations on or minimum prices for trading (other than limitations on hours or numbers of days of trading) shall have been fixed, or maximum ranges
for prices for securities have been required, by such exchange or FINRA or Nasdaq or by order of the Commission or any other governmental authority, (v)&nbsp;if a banking moratorium shall have been declared by New York or United States authorities
or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, (vi)&nbsp;if there shall have occurred any downgrading, or any notice or announcement shall have been given or made of
(a)&nbsp;any intended or potential downgrading or (b)&nbsp;any review or possible change that does not indicate an improvement, in the rating accorded any securities of or guaranteed by the Company by any &#147;nationally recognized
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
statistical rating organization,&#148; as that term is defined under Section&nbsp;3(a)(62) of the Exchange Act, if applicable, (vii)&nbsp;if any federal or state statute, regulation, rule or
order of any court or other governmental authority has been enacted, published, decreed or otherwise promulgated which, in the reasonable opinion of the Representative, materially adversely affects or will materially adversely affect the business or
operations of the Company, or (viii)&nbsp;if any action has been taken by any federal, state or local government or agency in respect of its monetary or fiscal affairs which, in the reasonable opinion of the Representative, has a material adverse
effect on the securities markets in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the Representative elects to terminate this Agreement as provided in this
<U>Section</U><U></U><U>&nbsp;7</U>, the Company and each other Underwriter shall be notified promptly by telephone, which shall be promptly confirmed by facsimile. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the sale to the Underwriters of the Securities, as contemplated by this Agreement, is not carried out by the Underwriters for any reason
permitted under this Agreement or if such sale is not carried out because the Company shall be unable to comply with any of the terms of this Agreement, the Company shall not be under any obligation or liability under this Agreement (except to the
extent provided in <U>Sections 3</U>, <U>4(p)</U>, <U>5</U>, <U>9</U> and <U>10</U> hereof), and the Underwriters shall be under no obligation or liability to the Company under this Agreement (except to the extent provided in <U>Sections 9</U> and
<U>10</U> hereof) or to one another hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. <B><U>Increase in Underwriters&#146; Commitments</U></B><B>.</B> If any Underwriter
shall default in its obligation under this Agreement to take up and pay for the Securities to be purchased by it under this Agreement (otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of
<U>Section</U><U></U><U>&nbsp;7</U> hereof), the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or any other
underwriters, to purchase all, but not less than all, of the Securities which such Underwriter shall have agreed but failed to take up and pay for (the &#147;<U>Defaulted Securities</U>&#148;). Absent the completion of such arrangements within such
36 hour period, (i)&nbsp;if the total number of Defaulted Securities does not exceed 10% of the total number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, each <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter shall take up and pay for (in addition to the number of Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the number of Securities agreed to
be purchased by all such defaulting Underwriters in such amount or amounts as the Representative may designate with the consent of each Underwriter so designated or, in the event no such designation is made, such Securities shall be taken up and
paid for by all <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters
in <U>Schedule A </U>hereto; and (ii)&nbsp;if the total number of Defaulted Securities exceeds 10% of such total number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the
<FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative may terminate
this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of <U>Sections 3</U>, <U>4(p)</U>, <U>5</U>, <U>9</U> and <U>10</U> shall at all times be effective and shall survive such
termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Without relieving any defaulting Underwriter from its obligations hereunder, the Company
agrees with the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters that they will not sell any Securities hereunder unless all of the Securities are purchased by the Underwriters (or by substituted Underwriters selected by the
Representative with the approval of the Company or selected by the Company with the approval of the Representative). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If a new Underwriter
or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisions, the Company or the Representative shall have the right to postpone the time of purchase or each additional time of purchase, as
the case may be, for a period not exceeding seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this
<U>Section</U><U></U><U>&nbsp;8</U> with like effect as if such substituted Underwriter had originally been named in <U>Schedule A</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. <B><U>Indemnification</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Indemnification of the </U><U>Underwriters</U>. The Company agrees to indemnify and hold harmless the Underwriters,
their respective affiliates, as such term is defined in Rule 501(b) under the Securities Act (each, an &#147;<U>Affiliate</U>&#148;) and the person, if any, who controls each Underwriter within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, any
Issuer Free Writing Prospectus, General Disclosure Package or the Prospectus (or any amendment or supplement thereto or any documents deemed to be incorporated by reference therein), or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to <U>Section</U><U></U><U>&nbsp;9(d)</U> below) any such settlement is effected with the written consent of the Company; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) against any and all expense whatsoever, as incurred (including the
fees and disbursements of counsel chosen by the Representative), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii) above; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representative<B> </B>expressly for use in the
Registration Statement (or any amendment thereto), including the Rule 430B Information or any preliminary prospectus, any Issuer Free Writing Prospectus, General Disclosure Package or the Prospectus (or any amendment or supplement thereto or any
documents deemed to be incorporated by reference therein), it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in subsection (b)&nbsp;below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification of the Company, Directors and Officers</U>. Each Underwriter severally agrees to indemnify and hold
harmless the Company and each of its directors and each of the Company&#146;s officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection&nbsp;(a) of this Section, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including the Rule 430B Information or any preliminary prospectus, any Issuer Free Writing Prospectus, General Disclosure Package or the
Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by such Underwriter through the Representative expressly for use therein, it being understood and agreed that
the only such information furnished by any Underwriter consists of the following information in the Prospectus: the information appearing in the first, second, fifth and sixth sentence of the eighth paragraph under the caption
&#147;<U>Underwriting</U>.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Actions against Parties; Notification</U>. Each indemnified party shall give
notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of
parties indemnified pursuant to <U>Section</U><U></U><U>&nbsp;9(a)</U> above, counsel to the indemnified parties shall be selected by the Representative, and, in the case of parties indemnified pursuant to <U>Section</U><U></U><U>&nbsp;9(b)</U>
above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this <U>Section</U><U></U><U>&nbsp;9</U> or
<U>Section</U><U></U><U>&nbsp;10</U> hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Settlement without Consent if Failure to Reimburse</U>. If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section</U><U></U><U>&nbsp;9(a)(ii)</U> effected
without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement
at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10. <B><U>Contribution</U></B>. If the indemnification provided for in <U>Section</U><U></U><U>&nbsp;9</U> hereof is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand
from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i)&nbsp;above but also the relative fault of the Company on the one hand and of the Underwriters on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as
well as any other relevant equitable considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The relative benefits received by the Company on the one hand and the Underwriters
on the other hand in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Securities pursuant to this Agreement (before
deducting expenses) received by the Company, relative to the total compensation received by the Underwriters from the sale of Securities on behalf of the Underwriters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The relative fault of the Company on the one hand and the Underwriters on the other hand
shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the
Underwriters and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this
<U>Section</U><U></U><U>&nbsp;10</U> were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this <U>Section</U><U></U><U>&nbsp;10</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <U>Section</U><U></U><U>&nbsp;10</U> shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the provisions of this <U>Section</U><U></U><U>&nbsp;10</U>, the Underwriters shall not be required to contribute any amount
in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by
reason of any such untrue or alleged untrue statement or omission or alleged omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this <U>Section</U><U></U><U>&nbsp;10</U>, the person, if any, who controls any Underwriter within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and the Underwriters&#146; Affiliates shall have the same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who
signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contribution as the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11. <B><U>Notices</U></B><B>.</B> Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing or
by telegram and, if to the Underwriters, shall be sufficient in all respects if delivered or sent to Goldman Sachs&nbsp;&amp; Co. LLC, 200 West Street, New York, New York, 10282-2198, Attn: Registration Department, with a copy for information
purposes to Paul D. Tropp, Esq. at Ropes&nbsp;&amp; Gray LLP, 1211 Avenue of the Americas, New York, New York 10036 and if to the Company, shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211
Avenue of the Americas, New York, New York 10036, Attention: Anthony Green, with a copy for information purposes to Robert K. Smith, Esq. at Hunton Andrews Kurth LLP, 2200 Pennsylvania Avenue, NW, Washington, DC 20037. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12. <B><U>Governing Law; Construction</U></B><B>.</B> This Agreement and any claim,
counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (a &#147;<U>Claim</U>&#148;), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of
New York. The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">13. <B><U>Submission to Jurisdiction</U></B><B>.</B> Except as set forth below, no Claim may be commenced, prosecuted or continued in any
court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters,
and the Company consents to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of such courts and personal service with respect thereto. The Company hereby consents to personal jurisdiction, service and venue in any court in
which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Representative or any indemnified party. Each of the Representative and the Company (on its behalf and, to the extent permitted by
applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The
Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may
be subject, by suit upon such judgment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">14. <B><U>Parties at Interest</U></B><B>.</B> The Agreement herein set forth has been and is made
solely for the benefit of the Underwriters, the Company, and to the extent provided in <U>Section</U><U></U><U>&nbsp;9</U> and <U>10</U> hereof, the controlling Persons, directors and officers referred to in such Section, and their respective
successors, assigns, heirs, pursuant representatives and executors and administrators. No other Person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Underwriters) shall acquire or have any right
under or by virtue of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">15. <B><U>No Advisory or Fiduciary Relationship</U></B>. The Company acknowledges and agrees that
(a)&nbsp;the purchase and sale of the Securities pursuant to this Agreement, including the determination of the purchase price of the Securities and any related discounts and commissions, is an
<FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b)&nbsp;in connection with the offering contemplated hereby and the process
leading to such transaction, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company, or its respective stockholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed
or will assume an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company
on other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and their respective affiliates may be
engaged in a broad range of transactions that involve interests that differ from those of each of the Company and (e)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated
hereby and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">16. <B><U>USA PATRIOT Act</U></B>. In accordance with the requirements of the USA PATRIOT
Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), as amended, the Underwriters are required to obtain, verify and record information that identifies their respective clients, including
the Company, which information may include the name and address of their respective clients, as well as other information that will allow&nbsp;the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">17. <B><U>Representations, Warranties and Agreements to Survive</U></B>. All representations, warranties and agreements contained in this
Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i)&nbsp;any investigation made by or on behalf of any Underwriter or its
Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company, and (ii)&nbsp;delivery of and payment for the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">18. <B><U>Recognition of the U.S. Special Resolution Regimes</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For purposes
of this <U>Section</U><U></U><U>&nbsp;18</U>: (A) a &#147;<U>BHC Act Affiliate</U>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (B) &#147;<U>Covered
Entity</U>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#147;covered bank&#148; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b); (C) &#147;<U>Default Right</U>&#148; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable; and (D) &#147;<U>U.S. Special Resolution Regime</U>&#148; means each of (i)&nbsp;the Federal Deposit Insurance Act
and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">19. <B><U>Integration</U></B>. This Agreement supersedes all prior agreements and
understandings (whether written or oral) among the Company and the Underwriters, or any of them, with respect to the subject matter hereof including, without limitation, the <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreements between
the Company and certain of the Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">20. <B><U>Counterparts</U></B><B>.</B> This Agreement may be signed by the parties in one or
more counterparts which together shall constitute one and the same agreement among the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">21. <B><U>Successors and
Assigns</U></B><B>.</B> This Agreement shall be binding upon the Underwriters, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#146;s and any of the Underwriters&#146; respective
businesses and/or assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">22. <B><U>TIME</U></B>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN,
SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding among the Company and the
Underwriters, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Company and the Underwriters, severally. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ANNALY CAPITAL MANAGEMENT, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David L. Finkelstein</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: David L. Finkelstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Executive Officer and President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Underwriting Agreement] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed to as of the date first </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">above written, on behalf of itself and the other </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">several
Underwriters named in Schedule A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">hereto. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GOLDMAN SACHS&nbsp;&amp; CO. LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ C.E. Bluhm</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: C.E. Bluhm</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Underwriting Agreement] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate</B><br><B>Number&nbsp;of&nbsp;Firm</B><br><B>Securities to be</B><br><B>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Goldman Sachs&nbsp;&amp; Co. LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">20,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Barclays Capital Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BofA Securities, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">J.P. Morgan Securities LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RBC Capital Markets, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">UBS Securities LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Wells Fargo Securities, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Loop Capital Markets LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Roberts&nbsp;&amp; Ryan Investments, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Total</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">100,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Sch-A</FONT> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Pricing Terms </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company is selling 100,000,000 shares of Common Stock. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company has granted an option to the Underwriters, severally and not jointly, to purchase up to an
additional 15,000,000 shares of Common Stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The initial public offering price per share for the Securities shall be $6.45, as to each investor, the price
paid by each such investor. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Issuer General Use Free Writing Prospectus </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ex. B </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d336024dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g336024dsp044.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g336024dsp44a.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">May&nbsp;18, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Annaly Capital Management,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1211 Avenue of the Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10036 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File No.</U><U></U><U><FONT
STYLE="white-space:nowrap">&nbsp;333-262424)</FONT></U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have served as Maryland counsel to Annaly Capital Management, Inc., a Maryland corporation (the &#147;Company&#148;), in connection with
certain matters of Maryland law relating to the registration of up to 115,000,000 shares (the &#147;Shares&#148;) of common stock, $0.01 par value per share, of the Company (including up to 15,000,000 Shares issuable pursuant to an option granted to
the underwriters in the offering of the Shares), in an underwritten public offering covered by the above-referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3,</FONT> and all amendments thereto (the &#147;Registration
Statement&#148;), filed by the Company with the United States Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or
copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#147;Documents&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The Registration Statement and the related form of prospectus included therein and the supplement thereto, each substantially in the form in
which it was transmitted to the Commission under the Securities Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. The charter of the Company (the &#147;Charter&#148;), certified by
the State Department of Assessments and Taxation of Maryland (the &#147;SDAT&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. The Amended and Restated Bylaws of the Company,
certified as of the date hereof by an officer of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. A certificate of the SDAT as to the good standing of the Company, dated
as of a recent date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. Resolutions adopted by the Board of Directors of the Company (the &#147;Board&#148;), and by a duly authorized
committee of the Board (the &#147;Resolutions&#148;), relating to, among other matters, the sale and issuance of the Shares, certified as of the date hereof by an officer of the Company; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g336024dsp044.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Annaly Capital Management, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. A certificate executed by an officer
of the Company, dated as of the date hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. Such other documents and matters as we have deemed necessary or appropriate to express
the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In expressing the opinion set forth
below, we have assumed the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. Each individual executing any of the Documents, whether on behalf of such individual or another
person, is legally competent to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Each individual executing any of the Documents on behalf of a party (other than the Company) is
duly authorized to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and
delivered each of the Documents to which such party is a signatory, and such party&#146;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written
modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. The Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained in Article XI of the
Charter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in
good standing with the SDAT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. The issuance of the Shares has been duly authorized and, when and if delivered against payment therefor in
accordance with the Registration Statement and the Resolutions, the Shares will be validly issued, fully paid and nonassessable. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g336024dsp044.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Annaly Capital Management, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is limited to the laws of the State of Maryland and we do not express
any opinion herein concerning any other law. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To
the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the
effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters
expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished to you for submission to the Commission as an exhibit to the Company&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> (the &#147;Current Report&#148;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation
by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Securities Act. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Venable LLP</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>nly-20220516.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20220115.12 -->
<!-- Creation date: 5/18/2022 5:55:31 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2021-01-31"
  xmlns:nly="http://annaly.com/20220516"
  xmlns:dei="http://xbrl.sec.gov/dei/2021"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
  xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31"
  attributeFormDefault="unqualified"
  elementFormDefault="qualified"
  targetNamespace="http://annaly.com/20220516"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2021/dei-2021.xsd" namespace="http://xbrl.sec.gov/dei/2021" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2021/naics-2021.xsd" namespace="http://xbrl.sec.gov/naics/2021" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
    <xsd:import schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" namespace="http://fasb.org/us-gaap/2021-01-31" />
    <xsd:import schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" namespace="http://fasb.org/us-types/2021-01-31" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="nly-20220516_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="nly-20220516_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="nly-20220516_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:title="Definition Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:element id="nly_DocumentAndEntityInformationTable" name="DocumentAndEntityInformationTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="nly_DocumentAndEntityInformationLineItems" name="DocumentAndEntityInformationLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" name="A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>5
<FILENAME>nly-20220516_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20220115.12 -->
<!-- Creation date: 5/18/2022 5:55:36 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
  <link:roleRef roleURI="http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="nly-20220516.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:definitionLink xlink:type="extended" xlink:role="http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationTable" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationTable" />
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationLineItems" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationLineItems" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain_2" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockMember" xlink:type="locator" xlink:label="us-gaap_CommonStockMember" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="nly_DocumentAndEntityInformationTable" order="1" priority="2" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="nly_DocumentAndEntityInformationTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="1" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="23" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain_2" order="23.0001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_CommonStockMember" order="24" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="25" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="26" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="27" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityRegistrantName" order="29.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_Security12bTitle" order="30.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_AmendmentFlag" order="31.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityCentralIndexKey" order="32.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentType" order="36.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="37.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityFileNumber" order="38.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="39.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" order="40.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="41.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="42.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" order="43.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="44.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_CityAreaCode" order="45.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="46.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_WrittenCommunications" order="47.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_SolicitingMaterial" order="48.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="49.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="50.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_TradingSymbol" order="51.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_SecurityExchangeName" order="52.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="53.001" priority="2" use="optional" />
  </link:definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>nly-20220516_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20220115.12 -->
<!-- Creation date: 5/18/2022 5:55:31 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationTable" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nly_DocumentAndEntityInformationTable" xlink:to="nly_DocumentAndEntityInformationTable_lbl" />
    <link:label xml:lang="en-US" xlink:label="nly_DocumentAndEntityInformationTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document And Entity Information [Table]</link:label>
    <link:label xml:lang="en-US" xlink:label="nly_DocumentAndEntityInformationTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document And Entity Information [Table]</link:label>
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationLineItems" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="nly_DocumentAndEntityInformationLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="nly_DocumentAndEntityInformationLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document And Entity Information [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:label="nly_DocumentAndEntityInformationLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document And Entity Information [Line Items]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Axis]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Domain]</link:label>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockMember" xlink:type="locator" xlink:label="us-gaap_CommonStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock [Member]</link:label>
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">A 6.95 Series F Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">A 6.95 Series F Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">A 6.50 Series G Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">A 6.50 Series G Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">A 6.75 Series I Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">A 6.75 Series I Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>nly-20220516_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20220115.12 -->
<!-- Creation date: 5/18/2022 5:55:32 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="nly-20220516.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationTable" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationTable" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="nly_DocumentAndEntityInformationTable" order="21" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="nly-20220516.xsd#nly_DocumentAndEntityInformationLineItems" xlink:type="locator" xlink:label="nly_DocumentAndEntityInformationLineItems" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationTable" xlink:to="nly_DocumentAndEntityInformationLineItems" order="22" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="1" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="23" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockMember" xlink:type="locator" xlink:label="us-gaap_CommonStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_CommonStockMember" order="24" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="25" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="26" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="nly-20220516.xsd#nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="locator" xlink:label="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" order="27" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityRegistrantName" order="29.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_Security12bTitle" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_AmendmentFlag" order="31.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityCentralIndexKey" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentType" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityFileNumber" order="38.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="39.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" order="40.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="41.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="42.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" order="43.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="44.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_CityAreaCode" order="45.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="46.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_WrittenCommunications" order="47.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_SolicitingMaterial" order="48.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="49.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="50.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_TradingSymbol" order="51.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_SecurityExchangeName" order="52.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="nly_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="53.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g336024dsp044.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g336024dsp044.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1  (! @0$ P0'!00$  $"=P ! @,1
M! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_  !$( #< O ,!$0 "$0$#$0'_V@ ,
M P$  A$#$0 _ /;;K7]+L79+J]CA*G!WG&#Z5<82ELA-I"6_B'2;MU6WO8Y2
MS;1LYY]*'"2W073-(G J!F0?%.AK)Y9U. /_ '2W/Y5?LYVO85T:L,T<\22Q
M,&1AE2.XJ-ACZ "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * .5^(
M&C+J_@W4(D0>=&GGH<<DISC\0"/QK:A/DJ)DR5T<5\%=1B9=2TN0CS-RW$8(
M_P" M_[+^==.,CJI(BF^AZ]CBN U.173M/F\;7VH7%O;I%901VZNP !D;+G\
M0"GYULY25-)/<G2YT2ZGIR !;RW '0"05GRR[#NAZ:C9R.J1W<+,3@ ."32Y
M6N@702ZA9PN4DNH4=>JLX!%"3>R"]BPDBR('1@RL,@@\&EL,KR:C9Q2%)+N%
M'7@JS@$4[/L!9!R,@T@&QRI*NY&#+DC(.>1P?UH BFO+:V8+/<1QD\@.P&::
M3>P#!JEB3@7D&?3S!1RR[ 6'E2.,NS!5 R23P*0%8:I8G&+R _\ ;04^678+
MHM@\4@()KRWMF"SSQQDC(#L!FFDWL*]B/^U;#_G]M_\ OX*.5]ADD-Y;W!*P
M3QR$<D(P.*&FMP.>NO$EQ;Z^]GL7RE*@#')/I]3SBM%!.-R;G4 Y%9%"T %
M!0 R1%>,HX!4C!![T > ^'"/!_Q7%D[$0B=K4D]U;A2?_'37J5/WE&YA'21[
M\SJD99CA5&23VKR]]#<P/#UBMWH/GWT23&_E:[99%# !CE!@^B[1^%:3=I67
M0E;'!_"#3[*\AUHW-I#/LE0+YD8; ^;IFNO%R<6K,BGK<[#7_#5A'-INI65A
M'%<VU[ V84P2AD"MP.V"3^%<T*DM8M[HMKJBA\0?"T.O10PV\4<=XRRR*ZH
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M'NIM<@AL(K>26UA,KB=RH7>=JD8!YPKBN*-DM30\[\7S:AH/Q(T'7+Q((O-
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
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g336024dsp44a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g336024dsp44a.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MMT93"U];>;++'!<;4:5R[8,:-U//5C_*L)=&4C6J1A0 4 % !C- ";0!@#%
M";%]*5@#RTSG:*8;!Y:9SM&?6@ V+C&* #8H["@!=H]* $$:@8  'I2L H 7
M@#%, *@\$9H  H' % ";%]*-@ 1H,X7KUH 01HIR%P: %V*!C:,>E !L7TH
M-B^E "&)#U4&@!_2@!"H/44 )L7IB@ V+Z4K 'EJ.-HX&*8!L7.<4  1.,*!
MB@ \M./E'%*P (T'113 /+0?PB@!#$A!!4$'K[T  B0+M"C&,8H <% Z"@!:
) "@ H * /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140264259821448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>May 16, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nly_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ANNALY CAPITAL MANAGEMENT INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001043219<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 16,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13447<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">22-3479661<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1211 Avenue of the Americas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10036<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">696-0100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nly_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">A 6.95 Series F Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nly_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">A 6.50 Series G Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nly_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.G<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">A 6.75 Series I Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nly_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.I<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DocumentAndEntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DocumentAndEntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>d336024d8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2021"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:nly="http://annaly.com/20220516"
  xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="nly-20220516.xsd" xlink:type="simple"/>
    <context id="duration_2022-05-16_to_2022-05-16">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001043219</identifier>
        </entity>
        <period>
            <startDate>2022-05-16</startDate>
            <endDate>2022-05-16</endDate>
        </period>
    </context>
    <context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001043219</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-05-16</startDate>
            <endDate>2022-05-16</endDate>
        </period>
    </context>
    <context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001043219</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-05-16</startDate>
            <endDate>2022-05-16</endDate>
        </period>
    </context>
    <context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001043219</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-05-16</startDate>
            <endDate>2022-05-16</endDate>
        </period>
    </context>
    <context id="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001043219</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nly:A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-05-16</startDate>
            <endDate>2022-05-16</endDate>
        </period>
    </context>
    <dei:EntityRegistrantName
      contextRef="duration_2022-05-16_to_2022-05-16"
      id="Hidden_dei_EntityRegistrantName">ANNALY CAPITAL MANAGEMENT INC</dei:EntityRegistrantName>
    <dei:Security12bTitle
      contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"
      id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</dei:Security12bTitle>
    <dei:Security12bTitle
      contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"
      id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</dei:Security12bTitle>
    <dei:Security12bTitle
      contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"
      id="Hidden_dei_Security12bTitle_duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</dei:Security12bTitle>
    <dei:AmendmentFlag contextRef="duration_2022-05-16_to_2022-05-16">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="duration_2022-05-16_to_2022-05-16"
      id="Hidden_dei_EntityCentralIndexKey">0001043219</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="duration_2022-05-16_to_2022-05-16">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="duration_2022-05-16_to_2022-05-16">2022-05-16</dei:DocumentPeriodEndDate>
    <dei:EntityFileNumber contextRef="duration_2022-05-16_to_2022-05-16">001-13447</dei:EntityFileNumber>
    <dei:EntityIncorporationStateCountryCode contextRef="duration_2022-05-16_to_2022-05-16">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber contextRef="duration_2022-05-16_to_2022-05-16">22-3479661</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="duration_2022-05-16_to_2022-05-16">1211 Avenue of the Americas</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="duration_2022-05-16_to_2022-05-16">New York</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="duration_2022-05-16_to_2022-05-16">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="duration_2022-05-16_to_2022-05-16">10036</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="duration_2022-05-16_to_2022-05-16">(212)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="duration_2022-05-16_to_2022-05-16">696-0100</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="duration_2022-05-16_to_2022-05-16">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="duration_2022-05-16_to_2022-05-16">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="duration_2022-05-16_to_2022-05-16">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="duration_2022-05-16_to_2022-05-16">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">Common Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">NLY</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_us-gaap-CommonStockMember">NYSE</dei:SecurityExchangeName>
    <dei:TradingSymbol contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.F</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYSE</dei:SecurityExchangeName>
    <dei:TradingSymbol contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.G</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYSE</dei:SecurityExchangeName>
    <dei:TradingSymbol contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NLY.I</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2022-05-16_to_2022-05-16_us-gaap-StatementClassOfStockAxis_nly-A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="duration_2022-05-16_to_2022-05-16">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>12
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M=]W3CHG&K=!X#;[Q3X?#KHG&J]!TZVDF)_VN:Z3I%FA"1N/K>A(5M>5 TR
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M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+
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MU4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
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M#RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.([12O-2#QNH%'GL>[C>4!#ZP+V.Q
M_G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF&5*=##[Q_F"G)$WS/(X %F>0IA@"
MIQ%', ;  4/2='@//GL?)=-[*CG_5U/\!%!+ P04    " #]@;)4EXJ[',
M   3 @  "P   %]R96QS+RYR96QSG9*Y;L,P#$!_Q=">, ?0(8@S9?$6!/D!
M5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI0.TXI+:+J1C]$%)I6M6X 4BV)8]I
MSI%"KM0L'C6'TD!$VV-#L%HL/D N&6:WO606IW.D5XA<UYVE/=LO3T%O@*\Z
M3'%":4A+,P[PS=)_,O?S##5%Y4HCE5L:>-/E_G;@2=&A(E@6FD7)TZ(=I7\=
MQ_:0T^FO8R*T>EOH^7%H5 J.W&,EC'%BM/XU@LD/['X 4$L#!!0    ( /V!
MLE0<.&7J/P$  #P"   /    >&PO=V]R:V)O;VLN>&ULC5'+;L) #/R5U7Y
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M%0:P;W(@"2[)E1M27>EYIK=WDWM)J'7N0;#W\!J-'<V/'[?\ 5!+ P04
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MUDX:?^:+X3]>?P%02P$"% ,4    " #]@;)4!T%-8H$   "Q    $
M        @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    ( /V!LE1Q
M)E0_[P   "L"   1              "  :\   !D;V-0<F]P<R]C;W)E+GAM
M;%!+ 0(4 Q0    ( /V!LE297)PC$ 8  )PG   3              "  <T!
M  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ _8&R5 09DMY2!0
M*1H  !@              ("!#@@  'AL+W=O<FMS:&5E=',O<VAE970Q+GAM
M;%!+ 0(4 Q0    ( /V!LE2?H!OPL0(  .(,   -              "  98-
M  !X;"]S='EL97,N>&UL4$L! A0#%     @ _8&R5)>*NQS     $P(   L
M             ( !<A   %]R96QS+RYR96QS4$L! A0#%     @ _8&R5!PX
M9>H_ 0  / (   \              ( !6Q$  'AL+W=O<FMB;V]K+GAM;%!+
M 0(4 Q0    ( /V!LE0D'INBK0   /@!   :              "  <<2  !X
M;"]?<F5L<R]W;W)K8F]O:RYX;6PN<F5L<U!+ 0(4 Q0    ( /V!LE1ED'F2
M&0$  ,\#   3              "  :P3  !;0V]N=&5N=%]4>7!E<UTN>&UL
64$L%!@     )  D /@(  /84      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.22.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>5</ContextCount>
  <ElementCount>22</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>4</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="d336024d8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>100000 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="d336024d8k.htm">d336024d8k.htm</File>
    <File>d336024dex11.htm</File>
    <File>d336024dex51.htm</File>
    <File>nly-20220516.xsd</File>
    <File>nly-20220516_def.xml</File>
    <File>nly-20220516_lab.xml</File>
    <File>nly-20220516_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="31">http://xbrl.sec.gov/dei/2021</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>18
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "d336024d8k.htm": {
   "axisCustom": 0,
   "axisStandard": 1,
   "contextCount": 5,
   "dts": {
    "definitionLink": {
     "local": [
      "nly-20220516_def.xml"
     ]
    },
    "inline": {
     "local": [
      "d336024d8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "nly-20220516_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "nly-20220516_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "nly-20220516.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd",
      "https://xbrl.sec.gov/country/2021/country-2021.xsd",
      "https://xbrl.sec.gov/dei/2021/dei-2021.xsd",
      "https://xbrl.sec.gov/naics/2021/naics-2021.xsd"
     ]
    }
   },
   "elementCount": 31,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2021": 6,
    "total": 6
   },
   "keyCustom": 0,
   "keyStandard": 22,
   "memberCustom": 3,
   "memberStandard": 1,
   "nsprefix": "nly",
   "nsuri": "http://annaly.com/20220516",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "d336024d8k.htm",
      "contextRef": "duration_2022-05-16_to_2022-05-16",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "100000 - Document - Document and Entity Information",
     "role": "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation",
     "shortName": "Document and Entity Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "d336024d8k.htm",
      "contextRef": "duration_2022-05-16_to_2022-05-16",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 4,
   "tag": {
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag",
        "terseLabel": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code",
        "terseLabel": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]",
        "terseLabel": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "xbrltype": "stringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date",
        "terseLabel": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type",
        "terseLabel": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One",
        "terseLabel": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town",
        "terseLabel": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code",
        "terseLabel": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province",
        "terseLabel": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key",
        "terseLabel": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company",
        "terseLabel": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number",
        "terseLabel": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation State Country Code",
        "terseLabel": "Entity Incorporation State Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name",
        "terseLabel": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number",
        "terseLabel": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number",
        "terseLabel": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre Commencement Issuer Tender Offer",
        "terseLabel": "Pre Commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre Commencement Tender Offer",
        "terseLabel": "Pre Commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Security 12b Title",
        "terseLabel": "Security 12b Title"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name",
        "terseLabel": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material",
        "terseLabel": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol",
        "terseLabel": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications",
        "terseLabel": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "A 6.50 Series G Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]",
        "terseLabel": "A 6.50 Series G Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]"
       }
      }
     },
     "localname": "A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember",
     "nsuri": "http://annaly.com/20220516",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "A 6.75 Series I Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]",
        "terseLabel": "A 6.75 Series I Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]"
       }
      }
     },
     "localname": "A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember",
     "nsuri": "http://annaly.com/20220516",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "A 6.95 Series F Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]",
        "terseLabel": "A 6.95 Series F Fixedto Floating Rate Cumulative Redeemable Preferred Stock [Member]"
       }
      }
     },
     "localname": "A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember",
     "nsuri": "http://annaly.com/20220516",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "nly_DocumentAndEntityInformationLineItems": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document And Entity Information [Line Items]",
        "terseLabel": "Document And Entity Information [Line Items]"
       }
      }
     },
     "localname": "DocumentAndEntityInformationLineItems",
     "nsuri": "http://annaly.com/20220516",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    },
    "nly_DocumentAndEntityInformationTable": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document And Entity Information [Table]",
        "terseLabel": "Document And Entity Information [Table]"
       }
      }
     },
     "localname": "DocumentAndEntityInformationTable",
     "nsuri": "http://annaly.com/20220516",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_ClassOfStockDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Class of Stock [Domain]",
        "terseLabel": "Class of Stock [Domain]"
       }
      }
     },
     "localname": "ClassOfStockDomain",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_CommonStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock [Member]",
        "terseLabel": "Common Stock [Member]"
       }
      }
     },
     "localname": "CommonStockMember",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_StatementClassOfStockAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Class of Stock [Axis]",
        "terseLabel": "Class of Stock [Axis]"
       }
      }
     },
     "localname": "StatementClassOfStockAxis",
     "nsuri": "http://fasb.org/us-gaap/2021-01-31",
     "presentation": [
      "http://annaly.com//20220516/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 0
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>19
<FILENAME>0001193125-22-154047-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001193125-22-154047-xbrl.zip
M4$L#!!0    ( /V!LE1P^4E4TA$  *Z-   .    9#,S-C R-&0X:RYH=&WM
M76%SXCC2_KY5^Q]4[,U54A4#!I))2(8KEB%9WDU(*K"WN_=E2M@"7&,LGVPG
M\/[ZZY9L8S $2 Q,9MBJG6 DMUK=3[=:4DM<_6L\LLD3$Y[%G4\Y/5_,$>88
MW+2<P:=<X/>U\QSY5^WGGZZ&/E2$RHY7-9GU*3?T?;=:*(Q[PLY[S,@/^%,!
M"@JE8DG/A14#3_,G+O/BVGWJ]?)<# I1B:RN%76M'+_D<,<)1O$KS\_/>=D(
MOF;ZHH#O%:"2!K68L(SHO;%M.5]G7GLNRY?TBXN+@BR-JJ9JQ@V4BL5R 8M[
MU&,Q1_8DKDT=A]J3O,%'R'JI>*J?Q0QXUJ+F@:1>^.ONMF,,V8AJEN/YU#%B
MXH$OEK)R48#2J*+E\4I)__@"WV&-^(7QLKHZU'6@E^RO7Q]OI]7]Q?6G50N^
MH([7YV)$?< +4CK5BB6M=)8@H@$:9@A%Z%A%YSP! FS<>JFK<U+$4G,.E6'E
MLX(J3(!R0*F[$)-8D(;D<E"A4>2D=3!JXE_?\FU6.]=^ORJHC_#=B/F4( 6-
M_3>PGC[E&MSQF>-K74!RCACJZ5/.9V._("F2 KY7"(D20JYZW)S4KDSKB7C^
MQ&:?<J;EN3:=H+6P7(U<6>,J5F<B_&R9)G/49ZC25J9"+/-3[C=9] 5L]4O3
M 28GCVQ@>:@1OTU'P) #_T(#S*HN+I<,C_U'UH=:@9 J_(+&H!5/-?WLB\\3
M3[E:O=VNW_Y-&O6'5K=^2^[J[?I-\Z[9[I)6NW%5F&%P%<,=9@0"6-)+O2Z*
M]\O*]K^$6M4Z/O79" 3=L*GGW?<[/C>^UL>6]P7,6ZN?Y2]..] D\ZZOK3$S
M?7YM<R#M#![AO48P"FQX>F*/S&1@QCV;/0C69T(P4U*Z8Z,>$TGAS?.ZH>!V
MS'@-Z7P@BA*Y)I*6YG,MHD:0')G2(U.")*9(),EO2*FG1=6CF_>FU$P8KR&=
M6*DWWXM2/X: ;[TWI6;"> WIQ$IM;56I4QG5H5\F]NW:IH.-QX ^M3VV(8+4
MX-. )@6U6X[)QK^S27IT2E78D+4BA&?%2KFD7Z3Y*\R-I%)X$!XS#YXQ2JQZ
M,JB#MH@,,*L8G'[*>=;(11BI[X8"64$(1!%C?NR942D5AN XHJ\=CFXAT*U=
M%6:[$W9^IL/RV>.!4(\R1*N&TI;*6T/:T6M,ZBY^M$S\HF\Q020+;&$ V6C]
M/JNO^9>1ZX7T75 H-^-'B!V%_QFLI#;E+7IS6C;EU5Q2-RJ)FXW;*<Q(YW72
M6L.O1#4:?#3BSHR7V+JD0W&Q 7(6/IO0WMBU+</R%1_$M*!832Y#9JM+NY.K
M1552_;DJ+"0_E?24CQ\+ 9G&@.\2,R"!:D82.*!L%T'I>T99%A(XH&P74?)[
M1ED6$O@.4%:8BS@+R46N@FD]P9_$DAB^I5';&CA5 _JB0) H?[9,?U@]SY]:
MSF6BKLWZ_N6(BH'E:/BY2FC@\^@;80V&X5=(SHV(X5*F-F2R5,\7W9B$S]UJ
MXK''?9^/Y#<]+H#UZ!O='1./VY9)?BG*_W*U?_ZBGQ4OKPKNLH;*JQLJO;JA
M!-D*$"'I#I ^J$;SK/]G5?T\?N[3D06P[0+0/=)FS^21CZAS*<N>%=\];IN7
M"]3S1[O5;7XFG6Z]V^PL9Z>X(W8ZS<8?CZUNJ]DA]?9GTORK\5N]?=,DC?N[
MNU:GT[IOOXG'4A8\_EGO_-9JWW3OVR?D<[Z1)S"AK%S,\35M]&P-8,[B895!
M+03FV:N F2]"M5EL7BHC+>D?TIU?TTBGG8E\Q")]G>T(4]?WCW?DRG.I$[NA
MH>4S#;XQ6-7ASX*Z,/U>MNSRF1L!>NG$5L'Z2QMR&V)V3>.J@*S4#GC9 EXR
ML>]& ..XXY-'YG+A[]_?/ 3""R@PY'/2808B3@E,+Q,NB'YZ9![OGTO>)_Z0
MD7 A%]=%FV-C2)T!(W7#)U"L7Y0KR_G<E78Q\D%NE';)D1D^,PJ1#_-\PIY0
M^4(6,_.XNG_1KG1-#S)^:ZJP;E,?1=0F\*><-?:K*(T1O#XTZ60"(F%.KG9'
M)R'>SDX(OICV: =7EK4K*U6R0,[LL$<P+T"SQII:4*^NVH:NU66F!6E0U_*I
M3>ZH0P=RVG1"6HZ1#T<R\B8+*6;1SZ/FF(*30<M 6Q9Q/PCUB.<R V>,)K$<
M8OD> ;<$IBWFG>8!MUD,P9GH$Q>?+0_G[*1OV8PX@9S)OSZ(4_B^!EKM0.T]
M;KQ'I6MZN5+YN/5P#E-8Y$:AP6P;NR?SP(HY^>Q2TXR>PZ9">!C<MJGKL6KT
MX64M)%2&0;8"D%XL?@CA5BV&;%:+T<P;&1/JCSD[H3\M?L#]*]^<*WUBPK<,
M:H?:51V.VEK\BBJLG$>E\$_8IHBJN."$M)Y@]"MF<EDFJ](G#L:P=H=U*?+9
M=DD"A63&<JK29LA<7T"7P&$2C_.X7HE&<*%<0)0AH2=7I!H\<'PQ:7#S3:,X
MNGE<$/*9*_@3-JN&<3&QJ6,N!?!ZZIMB-55_*S)\H\EWZ;@5+AD:4H2OM'_X
M5*Y\O#@[TY?*;RK&;8#V/"/,OG:@SF0J?B1A#D/T1B&#O@5.K*3Q':MQ;S\&
ML%^%M/*/^4Z>-$>NS2>X9+UGO<P:*VGS_%0YTJS@'QP=]QR@K/ Z==,4S//"
M/[<0\^D;>QR]I.ND#I/10,:T.+FNR]:HMV("MH< ?#UY-.#CO>CR9V=C:2 [
M?W.12I<Z69XO-=.T=#SWX@$&1$LF+6<]O+Z5P0<.).W_6.YK1O\:1&[ELRQA
MD8UW"?N&^'4%R-UR81K)QLP(9%8<[X.A,^^%U:N]VS-"M@[#]JNT<E322\?I
MG+97AS2W',:.AR%W7CN+.;LXTXJ E?4F,;L'S'0!XI^_G)?TCY<>#*DV<['+
MX23P!&;QAAW@+(A04 R(P&3[!U";^Z3NXC8OCDY[%^31-?@KF#&WY8J((.%C
M:(\@PSYIR,59DW30'Y);ZD4KWH=UD7VLB^1JC2$SOLIQGKHPLH##Q%BYQ\>D
MQVS^C#K#0E3E:A\B-Y[4\ES?LM%8+ \LQV>."3KW.?&L46#[U&$\\.P)\<!U
M>/V);"%\@?= 7"H,"^./Q+I: '0$H<XD*NMS&YC$]W!4M'#MQIM?.\]B522K
M50]]F@]0+2;6/]+K+'/K,.M-[.;G:N&ZQH?+A7/@90[_3V'YH#)<#@N<,";V
MWAR[]#BW>Q34Y0.X4,H7'RN5R_28L&H^-#]](;,:)6]VO',I(KE:* \00%(@
MQ$WLD#T& ))*Z31$Z-R>%&Y%'>D?2>/ZD93*Q3Q47#V_.,!V0]AVN$QW@I;O
MP(6!'[-_8,Q.A0&DE332@%WIS_4*U?12Y-*GV)[99(V0O9):J5+,*XK'B=#O
M8 19&L&#8.BW\>B&3!_!D5?<]_N;A^W?D3&L1"9(33,28HL0O\KCKV% IE8Z
MZAUG:T**YL&(=F1$+<\+F#B8TIY-J<RTRI&1K2F%--<VI3W,\1-QI)H),3S%
MZ2Y-ST+7$"_=&OXV9D.[VB.6 GS;)G&YLL$F\0M[P^52QIO-4X+?RK[=&BL;
M2WJ[P+KVNITC#W.C#32I,23RM,6N]MI>*\0][\AU!47KW?M&7&<R@J*#LEY>
M]0T3SB2ZH\%O[ZKC#OES: %'C_$H-3N<?F_Y--N_/>*%4][J*W69PPEQJ2!/
MU X8^4<Q7]2)BZ?<AE2DKE[XQM-NEHDZ=$_*.^Q4SNW;O[\3&49PC1S&*^YT
M>I,H4Y,@!HS,[V,K0"><VG+1?],^9>T4Z&_^8JM5>)N[/FKU-O.J"JEK;693
MW3:ZY&;FQ?=FL%MV>IF"!-QD_OK@*/=U^=S!M>[8M69S(<9*USISB=O!M;XS
MUYH-2-"UWAQ<Z[ZN@#RXUAV[UFQN@5GI6F>N4CRXUG?F6K,!";K6UL&U[NLB
MUFVXUJWOV>5J+<?$;4Q&>A-BR.Q)H/B5/ ^9/PQW)!,IBY9'0)\@36QT0 :"
M/_M#W UU,8V1>L1D?<M1QX15%EGQE*2O-9C>9B"O7UASR[34T^+LG?6N2LAO
M-:DY5VLN%H2RH="27CZY$%&XD00:ZOV=[<AO53BM_@M8P13TA<"S4FFR0X 5
MLYGA ZP<+O>( X_)6B"B,!D7;^*W9)ZMNH@+12+;LB?8^+,%32-$'> /2@1[
MLCQX#\!*'0/3R:AAX,E1K(QW\IM4F)Y*PS5?W* N']%X@SH)P7P2!+$",DL*
M_]YN\%*9X6%^^,\_P<BS")<Z&Z5PB5\E@LX> \U#T&D_TXF74Q<KX"\;Q &J
MP6TNJK]<R/\NHPZYXYGTG4+(Q,NY]]E>R_;S3ZD$I5_O'S\W'[7&_>UM_:'3
MK$8?ONT$)5U?F*%$Y$< 4CKU)AT9M&#(#BTL7]3S"\*8)+5])12]M).HNMG$
MP^AX:( 32J),7O(91TE+AL[U@6 R.LF3+/)U) /@6H$@)HIMYK'O'9*ZJ.:$
MK+C!A!RAZ\.S1J7B92,: .%)OSPFTE!D.( "<%2:T[-0J;PTZOH,B3^256+I
MQ!2E)[\!60/'I$.-H1>Z6#IR+TF#Y\GM;>,$0Q'!7,$\>)>&!^6DC_88@ 2Z
M$7/"A"='91.+!8/ 92$W4"WBX01(V^J.>NC5D76L.,"W.";404?!(JA*V@!K
M.RFJ_]4FIA=QDI"5/*5EJ$U0;\4FZ+R\XXW36$38_)&59&L@!]+>)-DN\HZ/
MR1XB:R!6[LJ1%"K N =#&HRV@4N4!M%E8"F(4#]=T+,D1\ J'\@X\H0DF.[(
MRA&[>=*-!(<2-6R. S-/0O%<05'57(P/C$SQFA,3-=\<#ZV>Y1,]KZM>0N'L
MC61(?^-#0"A7[(;)/$-8;O)4SQ*F,(RC,AX.H06,_#< _Y"\2@</:POF3U _
M\4WU\GA18 PAQ)%]R;]P0Y"Z(2MK9S"CE6>*^'3,0$9AR6AH$9*C(XA20O'T
M:WV9=[1R)/,CO&]F]1MM'L9;Y7)9*YV5*J7*<7RW4JHG(VJR5"<@UL-;COS
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M\FZK[CXA]KZ4_NNDNB7*F[F5%=EA&_J=@E<@=0<B$6="&GER(QASO@G_\[[
M@8G6VX)'6CT'U6Q 5IY-V99N&D.+8?*.^CT'1N[EM>)B9KE25KG%[?FH>,E<
M/#67O2KTN#F!;X;^R*[]#U!+ P04    " #]@;)4/V-P''B$  #MFP( $
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M4O.&P6V$48+!NT@R]Z9T)S&#'M;&9,U8>9/\"?>;JKNNM84'F3A=!\>3Y,0
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M\]E!+M"F.TF.GS*C+S(NQ&>73KX_A]G@.-',:\X#V@Z,:$Q+[E,7\48<;I=
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M$8J;!;$H<6M/)&3,12"YQSB6%W@,HI?QNTK]HRV_&.05()U!B35")Y@9N&3
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MY)),"I+AK08O6Y/T";L&N+@3_$<U&D[@8^(TM4L<^6(D+>-27<-C\BHI.JA
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M!P@P%]HO(-U$S+DWI6=44B9"+N!K_ZG70O@+=3/HJCPQTW4XDG(H8F':?C<
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MJ8"_FP)/YU;T3=D6%G';9/F.O9YKEV\_*DQ3EX5ZV8TE](M0%H\TV6G$$Z0
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MPX3J,'3_9ZBJ#EN]9O'G=U!+ P04    " #]@;)40[K3/!0&  !:.   %
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MSRPPDY!! CAHH3^YULS5CUR_X3;]VE*$CHHN !>0!YP1-$138.BVY6J!.H[
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M8E;Q#,,!%_:1/2K' 'Z!C:&/WEZ7J9B_ZY_%II_H?_I'GJKD/U!+ 0(4 Q0
M   ( /V!LE1P^4E4TA$  *Z-   .              "  0    !D,S,V,#(T
M9#AK+FAT;5!+ 0(4 Q0    ( /V!LE0_8W <>(0  .V; @ 0
M  "  ?X1  !D,S,V,#(T9&5X,3$N:'1M4$L! A0#%     @ _8&R5/U7H/@N
M#0  O3,  !               ( !I)8  &0S,S8P,C1D97@U,2YH=&U02P$"
M% ,4    " #]@;)4:1I<<$@$  #C$@  $               @ $ I   ;FQY
M+3(P,C(P-3$V+GAS9%!+ 0(4 Q0    ( /V!LE1#NM,\% 8  %HX   4
M          "  7:H  !N;'DM,C R,C U,39?9&5F+GAM;%!+ 0(4 Q0    (
M /V!LE06A#6_50@  !-@   4              "  ;RN  !N;'DM,C R,C U
M,39?;&%B+GAM;%!+ 0(4 Q0    ( /V!LE2\17E;U 4  %X\   4
M      "  4.W  !N;'DM,C R,C U,39?<')E+GAM;%!+!08     !P ' +P!
(  !)O0     !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
