A 100 billion dollar shadow bank really levered 24 to 1?? How is this still a thing? I’m sure those broker dealers with billions lent to this thing are going to have no issues. It seems to me that this entity was just created for investment banks to sell shit to, a “mark”.
| +152 | How to stop feeling like shit for not making it in IB? | 57 | 4h | |
| +115 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 58 | 3h | |
| +80 | Updated LA Banking Scene (2024) | 57 | 1h | |
| +38 | Ranking banks that went under | 20 | 8h | |
| +34 | Burnt Out M&A ASO | 18 | 6h | |
| +32 | A strategy for SA applicants late to the game like myself | 15 | 15h | |
| +29 | Relevance of A-Levels for U.K. London recruiting | 21 | 21h | |
| +26 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +26 | Intern Ettiquette | 4 | 17h | |
| +23 | What are hours like at BBs in London? | 47 | 17h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Interesting setup with management, I don't look at many pubcos but have not seen this before.
"The company is externally managed by Annaly Management Company LLC, which owned by executives of Annaly Capital Management, and pays an annual fee of 1.05% of equity for management services."
props to the OP for pointing this out, but the debt they have is short term, avg maturity of 65 days. so, clearly they are constantly selling loans and recycling capital. i don't understand this world/the repo market. it can't be as bad as the OP says - would have to talk to a FIG guy.
Yeah I've seen it with REITs...
annaly is a reit
It’s a mortgage REIT, there are a number of these out there and most of them are also externally managed. 90%+ of its assets are Fannie/Freddie MBS... It’ll be fine.
One hundred percent guaranteed this will blow up.
How’s it going with annally today?
Voluptatem veritatis at iure illum quia. Aut numquam sint esse quia eos dolorem unde. Cumque ipsa ad aut quis molestiae vel ex error. Voluptatem omnis sit soluta sit culpa veritatis. Unde nam sunt molestiae eaque.
Possimus quaerat non sed eveniet suscipit earum quia dolor. Vero fugiat est eligendi ad et. Iure quia ullam vel alias autem. Rerum eum voluptas corrupti doloremque quia. Enim reiciendis odit sunt corrupti molestiae qui quo. Ullam quis ullam quam autem officiis perspiciatis. Est velit dolorum ullam aut neque vel qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...