At the beginning of April, Annaly Capital Management, Inc. (NYSE:NLY)'s executives asked investors to vote in favor of a "management externalization proposal," under which the job of managing the mortgage REIT would pass to a newly created entity known as Annaly Capital Management, Inc. (NYSE:NLY). Because the new entity would be wholly owned and staffed by Annaly's current executives, the proposed structure appeared on its face to be more clerical than anything else. That is, the individuals responsible for running the company wouldn't change; they'll just no longer be employed by Annaly directly, but rather by the independent management company. Thus, as opposed to paying executive salaries directly, Annaly Capital Management, Inc. (NYSE:NLY) would simply pay the management company the equivalent of 1.05% of its consolidated stockholders' equity. Why would Annaly do this?