Overview
FIRM DESCRIPTION
The Adviser was formed in Delaware in 2017 and is a registered investment adviser with the
SEC under Section 203 of the Investment Advisers Act of 1940, as amended (the “Advisers
Act”). The Adviser is an indirect, wholly-owned subsidiary of Annaly Capital Management,
Inc. (NYSE: NLY), a publicly-traded real estate investment trust (“Annaly”).
SERVICES PROVIDED
The Adviser provides advisory services on a discretionary basis to its clients, which include
a pooled investment vehicle and a separately managed account (each, a “Fund” and
collectively, the “Funds”) focused on residential mortgage loans and residential mortgage-
backed securities.
The Adviser’s investment advisory services to the Funds are principally focused on
aggregating residential mortgage whole loans, securitizing such whole loans, and holding a
portion of the securities resulting from such securitizations.
The Adviser provides advice to client accounts based on specific investment objectives and
strategies. Under certain circumstances, the Adviser may agree to tailor advisory services to
the
individual needs of a client. Funds may impose restrictions on investing in certain
securities or certain types of securities. A description of the services provided by the Adviser
to the Funds, as well as the fees, investment guidelines, and other relevant terms are set forth
in the organizational documents, investment management agreements, offering materials,
or other related documents (collectively, “Governing Documents”) of each client.
The Adviser is not permitted to assign (within the meaning of the Advisers Act) a
management agreement without consent from the applicable client. Termination of an
advisory relationship is subject to the applicable Governing Documents. In some cases, a
client or the Adviser could be permitted to terminate the corresponding management
agreement at-will with advance written notice. Fees will be charged through the date service
is terminated.
As of December 31, 2023, the Adviser had approximately $2,308,160,000 in regulatory
assets under management, all of which is managed on a discretionary basis.