Annaly Capital Management Acquires Its External Manager
Annaly Capital Management (NYSE: NLY) is now an internally managed company, after formally acquiring the entity that used to perform that work. The mortgage real estate investment trust (mREIT) announced that it has purchased the similarly named Annaly Management Company for a nominal price of $1 in cash; no extra fees were transacted.
As the designation strongly suggests, externally managed REITs effectively outsource their management to outside entities. Internally managed ones keep this within their own company structure.
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Source Fool.com
