Annaly Capital Management, Inc. Selling its Commercial Real Estate Business

Annaly Capital Management, Inc. has announced that it is selling its Commercial Real Estate business to Slate Asset Management L.P. (Slate). Slate is a global investment and asset management firm focused on real estate.

Slate is acquiring Annaly Capital Management’s commercial real estate business for $2.33 billion. Under the agreement, Slate will acquire Annaly’s commercial real estate business, including equity interests, loan assets, and commercial mortgage-backed securities. Employees who support the commercial real estate business are expected to join Slate upon the completion of the sale.

 “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding. On behalf of our entire Company and Board of Directors, I want to sincerely thank all of the employees who have supported and built our Commercial Real Estate business over the years,” said David Finkelstein, Annaly’s Chief Executive Officer and Chief Investment Officer.

As part of the sale, Timothy Gallagher, Head of Commercial Real Estate, and Michael Quinn, Head of Commercial Investments, will join Slate.