Investor Presentaiton

The State of the Housing Market Declining affordability is driving a slowdown in housing activity, but structural supply/demand imbalance suggests a moderation in home price appreciation rather than pronounced declines Outlook for the Housing Market Housing activity is slowing sharply from the elevated pandemic levels Housing Activity(1), normalized 2.0 ■ Higher mortgage rates, combined with strong home price appreciation over the past two years, have challenged housing affordability 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 Housing activity, according to various sales metrics, is slowing, suggesting that prices should follow soon The slowdown appears more pronounced in states that have seen higher home price growth Underlying housing market supply - challenged by a decade-long shortage in construction following the Great Financial Crisis - continues to be short relative demand, supporting home prices over the medium term 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Affordability has declined as a result of higher interest rates and higher home prices Monthly Mortgage Payment on the Median Existing Home (2), $ per month $2,000 $1,750 Credit availability and lending standards remain conservative relative to prior periods $1,500 $1,250 The impact of higher mortgage rates on housing turnover bears watching in coming months, as homeowners might be more reluctant to move given higher housing costs $1,000 $750 $500 2001 est. increase due to higher rates (3) est. increase due to higher home prices (3) 51% YOY www 2009 2011 2015 2017 2019 2021 2003 2005 2007 2013 Note: Data as of July 19, 2022, unless otherwise noted. Grey shading represents recession periods. For source information, please refer to the endnotes included at the end of this presentation. Detailed endnotes and a glossary of defined terms are included at the end of this presentation. ANNALY 8

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