Annaly Capital Management (NLY) said Monday that Co-founder, Chairman and CEO Michael A.J Farrell had passed. Farrell had been diagnosed with cancer earlier this year, and was 61 years of age.

Bloomberg first reported on this story over the weekend. The company issued an official statement confirming that Farrell had passed this morning.

"He was a fantastic leader and friend and will be greatly missed," the statement read. "Our hearts go out to his family and all those who were fortunate enough to know him."

Farrell had been diagnosed with cancer early this year, and in May, the company disclosed his cancer had gone into remission. This month, the company had named ()

Bloomberg notes that Farrell built Annaly into the world's largest mortgage real estate investment trust, which has returned more than 600 percent to shareholders since its initial public offering.

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