Unlike many real estate investment trusts (REITs), New York-based Annaly Capital Management LLC doesn't invest directly in residential and commercial properties but, rather, invests in mortgage-backed securities (MBS) guaranteed by the Federal Home Loan Mortgage Corp. (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Government National Mortgage Association (Ginnie Mae).
While many MBS holdings have been decimated in the subprime debacle, Annaly's positions have remained relatively stable. In January 2009, the Wall Street Journal's Russell Pearlman picked Annaly as a "higher risk, high reward" stock buy, citing the government takeover of Freddie and Fannie as a positive factor for its investments. Annaly currently is exploring investing in debt used to finance commercial property construction.
Annaly has a relatively small operational team. Its Web site doesn't list job openings, but if you're looking to join, know that the company is seeking to expand its investments in commercial property development financing.