Item 7.01 Regulation FD Disclosure.



Executives of Annaly Capital Management, Inc. (the "Company") may discuss the
following information regarding performance, among other topics, at upcoming
investor meetings and conferences:

•Book value per common share. As of November 10, 2022, estimated book value per
common share was between $20.25 and $20.45 compared to $19.94 per common share
at September 30, 2022.

•GAAP leverage and economic leverage. As of November 10, 2022, estimated GAAP
leverage increased to approximately 6.1:1, compared to 5.8:1 at September 30,
2022, and our economic leverage ratio decreased to approximately 6.2:1 as
November 10, 2022, compared to 7.1:1 at September 30, 2022.

This information is being furnished pursuant to Item 7.01 and shall not be
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements



This Current Report on Form 8-K contains certain forward-looking statements
which are based on statements that, to the extent they are not recitations of
historical fact, constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All
such forward-looking statements are intended to be subject to the safe harbor
protection provided by the Reform Act. Actual outcomes and results could differ
materially from those forecast due to the impact of many factors beyond the
control of the Company. All forward-looking statements included in this Current
Report on Form 8-K are made only as of the date of this report and are subject
to change without notice. Factors that could cause actual results of operations
to differ from those expressed in forward-looking statements include, without
limitation, the risks and uncertainties described under the headings "Special
Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" in the
Annual Report on Form 10-K for the year ended December 31, 2021, filed by us
with the Securities and Exchange Commission ("SEC") and described in the other
filings we make from time to time with the SEC. Copies are available on the
SEC's website at www.sec.gov. The Company disclaims any obligation to update its
forward-looking statements unless required by law.

Non-GAAP Financial Measures



This Current Report on Form 8-K includes certain non-GAAP financial measures.
The Company believes the non-GAAP financial measures are useful for management,
investors, analysts, and other interested parties in evaluating the Company's
performance but should not be viewed in isolation and are not a substitute for
financial measures computed in accordance with U.S. generally accepted
accounting principles ("GAAP"). In addition, the Company may calculate its
non-GAAP metrics differently than the Company's peers making comparative
analysis difficult.

The following table presents a summary reconciliation of the Company's estimate
range of its GAAP financial results to its estimate range of non-GAAP economic
leverage ratio as of November 10, 2022. Amounts for the quarter ended September
30, 2022 are based on actual results, as previously reported:

                                                       November 10, 2022                      September 30, 2022
Economic leverage ratio reconciliation                                   (dollars in millions)
GAAP debt                                                   $67,933                                $63,001
Less:
Non-recourse debt                                           (8,799)                                (8,590)
Plus:
Cost basis of TBA and CMBX derivatives                       10,322                                 16,210
Net forward purchases (sales) of investments                (1,118)                                 7,180
Economic debt                                               $68,338                                $77,800
Total equity                                            $11,012 - 11,106                           $10,952
Economic leverage ratio                                       6.2x                                   7.1x


The Company has not performed its comprehensive closing procedures and, as a
result, the Company's estimates are preliminary and based on information
currently available to management. Accordingly, investors should not place undue
reliance on this preliminary information. Estimates of operating results are
inherently uncertain and the Company undertakes no obligation to update this
information. Neither Ernst & Young LLP, the Company's independent registered
public accounting firm, nor any other independent accountants, have audited,
reviewed, compiled or performed any procedures with respect to this preliminary
financial information.

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