Annaly Capital Management, Inc. (NLY) SEC Filings & Earnings Calls
EquiReason read 20 Annaly Capital Management, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Annaly Capital Management reported Q3 2026 GAAP net loss of ($1.36)/share vs prior quarter profit of $1.06; book value fell to $17.86 from $20.15; economic return (loss) of (7.6%)..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
NLYAnnaly Capital Management, Inc.Follow NLY — free
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- Market cap
- 13.8B
- P/E TTM
- 4.9
- Dividend yield
- 15.5%
- 52-week
- —
- Next earnings
- 26 Jan, in 94 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
20 Oct 20268-K · 2.02Annaly Capital Management reported Q3 2026 GAAP net loss of ($1.36)/share vs prior quarter profit of $1.06; book value fell to $17.86 from $20.15; economic return (loss) of (7.6%). EAD of $0.80/share covered dividend. Leverage increased.earningsopen
Figures in the filing · each found in the filing text
| GAAP net income (loss) per average common share · Q3-2026 | $-1.36 | |
| Earnings available for distribution per average common share · Q3-2026 | $0.80 | |
| Book value per common share · Q3-2026 | $17.86 | |
| GAAP leverage · Q3-2026 | $8.00 | +8% y/y |
| Economic leverage · Q3-2026 | $5.90 | +5% y/y |
| Net interest margin · Q3-2026 | 1.5% | |
| Average GAAP cost of interest bearing liabilities · Q3-2026 | 4.3% | |
| Economic return (loss) · Q3-2026 | -7.6% |
Risks flagged
Significant GAAP net loss and book value decline due to fixed income market volatility; leverage increased, amplifying sensitivity to interest rate moves.
“GAAP net loss of ($1.36)/share; book value fell 11.4% QoQ; economic return (loss) of (7.6%).”
Cost of interest-bearing liabilities rose 6 bps QoQ, pressuring net interest spread; funding cost pressure persists.
“Average GAAP cost of interest-bearing liabilities of 4.34%, up six basis points quarter-over-quarter.” · word for word
20 Oct 20268-K · 8.01Routine posting of quarterly financial supplement on website; no material event disclosed.SEC ↗
20 Oct 20268-K · 7.01Annaly Capital Management reported Q3 2026 earnings available for distribution of $0.80/share, book value $17.86, dividend $0.75. Economic return -7.6%. Agency MBS portfolio $91.8B, residential credit $10.4B, MSR $4.3B. Leverage 5.9x.earningsopen
Figures in the filing · each found in the filing text
| Earnings Available for Distribution per Share · Q3-2026 | $0.80 | |
| Book Value per Common Share · Q3-2026 | $17.86 | |
| Dividend per Share · Q3-2026 | $0.75 | |
| Economic Return · Q3-2026 | -7.6% | |
| Net Interest Margin (ex. PAA) · Q3-2026 | 1.7% | |
| Economic Leverage · Q3-2026 | $5.90 | +5% y/y |
| Average Economic Cost of Funds · Q3-2026 | 4.0% | |
| Total Portfolio · total · Q3-2026 | $106.50B | |
| Agency MBS Portfolio · Agency MBS · Q3-2026 | $91.80B | |
| Residential Credit Portfolio · Residential Credit · Q3-2026 | $10.40B |
Risks flagged
Challenging interest rate environment leading to negative economic return.
“Economic return (loss) of (7.6%) for the third quarter” · word for word
Rising cost of funds pressuring net interest margin.
“Average economic cost of interest-bearing liabilities* of 4.03%, up 7 basis points quarter-over-quarter” · word for word
Leverage increase from 5.6x to 5.9x may amplify volatility.
“Economic leverage* of 5.9x, up from 5.6x at the end of the second quarter” · word for word
19 Aug 20268-K · 7.01, 8.01Annaly Capital Management announced redemption of all 17.7M shares of 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock at $25/share on Oct 1, 2026.open
Figures in the filing · each found in the filing text
| Shares of Series I Preferred Stock redeemed · 2026-10-01 | 17,700,000 | |
| Redemption price per share · 2026-10-01 | $25.00 |
29 Jul 202610-QAnnaly reported strong Q2 2026 results with net interest income up 78.7% YoY and net income up significantly, driven by portfolio growth and favorable market conditions.earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q2-2026 | $488M | +79% y/y |
| Net income (loss) attributable to Annaly · Q2-2026 | $823M | +1341% y/y |
Risks flagged
Interest rate risk
“The Company's business model relies on significant leverage to enhance returns on its mortgage-backed securities (MBS) portfolio, which exposes shareholders to substantial interest rate risk.”
Regulatory risk
“Potential regulatory changes in the housing finance sector (e.g., related to Fannie Mae and Freddie Mac) could impact future operations and add risk.”
Dividend sustainability risk
“NLY's dividend payout ratio for the high 13% yield is 127%, indicating that the dividend may be unsustainable relative to earnings.”
21 Jul 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportSEC ↗
21 Jul 20268-K · 2.02Annaly Capital Management reported Q2 2026 GAAP net income of $1.06/share, EAD $0.79/share, economic return 5.5%, book value $20.15, dividend increased to $0.75/share.earningsopen
Figures in the filing · each found in the filing text
| GAAP net income per average common share · Q2-2026 | $1.06 | |
| Earnings available for distribution per average common share · Q2-2026 | $0.79 | |
| Economic return · Q2-2026 | 5.5% | |
| Book value per common share · 2026-06-30 | $20.15 | |
| GAAP leverage · 2026-06-30 | $7.40 | +1% y/y |
| Economic leverage · 2026-06-30 | $5.60 | -2% y/y |
| Net interest margin (GAAP) · Q2-2026 | 1.5% | |
| Average yield on interest earning assets · Q2-2026 | 5.4% | |
| Average GAAP cost of interest bearing liabilities · Q2-2026 | 4.3% | |
| Net interest spread · Q2-2026 | 1.2% |
Risks flagged
Elevated macro uncertainty and hedge ratio of 97% indicate sensitivity to interest rate and spread volatility.
“Maintained conservative hedge positioning given elevated macro uncertainty; ended the quarter with a hedge ratio of 97%” · word for word
GAAP leverage increased to 7.4x from 7.3x QoQ, though economic leverage decreased slightly.
“GAAP leverage of 7.4x, up from 7.3x in the prior quarter; economic leverage of 5.6x, down from 5.7x” · word for word
21 Jul 20268-K · 8.01Annaly Capital Management posted a Q2 2026 financial supplement on its website; routine disclosure of financial data.SEC ↗
30 Apr 2026DEF 14AProxy statement highlights strong 2025 performance, significant portfolio growth, and robust executive compensation alignment with stockholder returns.open
Figures in the filing · each found in the filing text
| Total stockholder return · FY2025 | 40.0% | |
| Agency MBS portfolio · Agency · FY2025 | $93.00B | +31% y/y |
| Onslow Bay lock volume · Residential Credit · FY2025 | $23.10B | |
| Onslow Bay funded volume · Residential Credit · FY2025 | $16.50B | |
| Common dividend per share · Q1-2025 | $0.70 | +8% y/y |
| Economic leverage ratio · FY2025 | $5.60 | |
| Total assets available for financing · FY2025 | $9.40B | |
| Operating expense as % of average equity · FY2025 | 1.4% |
Risks flagged
Interest rate risk
“The Company's business model relies on significant leverage to enhance returns on its mortgage-backed securities (MBS) portfolio, which exposes shareholders to substantial interest rate risk.”
Regulatory risk
“Potential regulatory changes in the housing finance sector (e.g., related to Fannie Mae and Freddie Mac) could impact future operations and add risk.” · word for word
Dividend sustainability risk
“NLY's dividend payout ratio for the high 13% yield is 127%, indicating that the dividend may be unsustainable relative to earnings.” · word for word
29 Apr 202610-QNet interest income $453M (+106% y/y); Net income $291M (+123% y/y); Net income available to common stockholders $242M (+178% y/y)open
Figures in the filing · each found in the filing text
| Net interest income · Q1-2026 | $453M | +106% y/y |
| Net income · Q1-2026 | $291M | +123% y/y |
| Net income available to common stockholders · Q1-2026 | $242M | +178% y/y |
| Book value per common share · 2026-03-31 | $19.82 |
Risks flagged
Interest rate risk / MBS valuation
“Unrealized losses on AFS securities $45M; fair value adjustment on Agency MBS ($747M)”
Credit risk on residential loans
“Non-accrual loans 90+ days past due $543.8M fair value, ~1% of total loan portfolio”
21 Apr 20268-K · 7.01Earnings available for distribution per average common share $0.76; Book value per common share $19.82; Economic return 1.5open
Figures in the filing · each found in the filing text
| Earnings available for distribution per average common share · Q1-2026 | $0.76 | |
| Book value per common share · Q1-2026 | $19.82 | |
| Economic return · Q1-2026 | 1.5% | |
| Common stock cash dividend per share · Q1-2026 | $0.70 |
21 Apr 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportSEC ↗
21 Apr 20268-K · 2.02GAAP net income per average common share $0.33 (+120% y/y); Earnings available for distribution per average common share $0.76 (+6% y/y); Book value per common share $19.82 (+4% y/y)earningsopen
Figures in the filing · each found in the filing text
| GAAP net income per average common share · Q1-2026 | $0.33 | +120% y/y |
| Earnings available for distribution per average common share · Q1-2026 | $0.76 | +6% y/y |
| Book value per common share · Q1-2026 | $19.82 | +4% y/y |
| GAAP leverage · Q1-2026 | $7.30 | |
| Economic leverage · Q1-2026 | $5.70 | |
| Common stock cash dividend per share · Q1-2026 | $0.70 | |
| Net interest margin · Q1-2026 | 1.4% | |
| Average yield on interest earning assets · Q1-2026 | 5.4% | |
| Average GAAP cost of interest bearing liabilities · Q1-2026 | 4.3% | |
| Economic return · Q1-2026 | 1.5% |
Risks flagged
GAAP leverage increased to 7.3x from 7.2x.
“GAAP leverage 7.3x, up from 7.2x.”
Book value per share declined from $20.21 at year-end 2025.
“Book value per common share $19.82 vs $20.21 at Dec 31, 2025.”
12 Feb 202610-KFiling text contains only XBRL metadata and front matter (cover page, business description, risk factors). No MD&A, segment financials, or guidance data is present in the provided text. Cannot extract investment-relevant signals.SEC ↗
28 Jan 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportSEC ↗
28 Jan 20268-K · 2.02GAAP net income per average common share $1.40; Earnings available for distribution per average common share $0.74; Book value per common share $20.21earningsopen
Figures in the filing · each found in the filing text
| GAAP net income per average common share · Q4-2025 | $1.40 | |
| Earnings available for distribution per average common share · Q4-2025 | $0.74 | |
| Book value per common share · Q4-2025 | $20.21 | |
| Economic return · Q4-2025 | 8.6% | |
| Full-year economic return · FY2025 | 20.2% | |
| GAAP leverage · Q4-2025 | $7.20 | |
| Economic leverage · Q4-2025 | $5.60 | |
| Net interest margin (excluding PAA) · Q4-2025 | 1.7% | |
| Dividend per share · Q4-2025 | $0.70 | |
| Total portfolio · Q4-2025 | $104.70B |
Risks flagged
Interest rate and prepayment risk remain key for Agency MBS portfolio
“Hedge ratio maintained; average economic cost of interest-bearing liabilities down 1 bps QoQ to 3.95%”
28 Jan 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportSEC ↗
29 Dec 20258-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Loss of senior executive with deep institutional knowledge; transition risk mitigated by Senior Advisor role
“Mr. Green was instrumental in internalization of management structure in 2020; retirement and transition agreement includes support for transition”
22 Dec 20258-K · 1.01Entered a material definitive agreement (acquisition, partnership, or major contract); filed financial statements and exhibits with this reportopen
Risks flagged
Potential dilution from future ATM sales; program size is significant relative to current market cap
“Up to $2.5 billion aggregate offering price; company has historically used ATM to raise accretive capital”
30 Oct 202510-QAnnaly reported a massive increase in net interest income and net income available to common stockholders for Q3 2025 compared to Q3 2024, driven by higher interest income and investment gains.earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q3-2025 | $276M | +1958% y/y |
| Net income (loss) available to common stockholders · Q3-2025 | $791M | +3089% y/y |
| Net gains (losses) on investments and other · Q3-2025 | $562M | -67% y/y |
| Net servicing income · Q3-2025 | $126M | +15% y/y |
| Total assets · 2025-09-30 | $125.86B | |
| Total stockholders' equity · 2025-09-30 | $14.91B |
Annaly Capital Management, Inc. — questions
- What did Annaly Capital Management, Inc. file recently?
- 20 SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Annaly Capital Management reported Q3 2026 GAAP net loss of ($1.36)/share vs prior quarter profit of $1.06; book value fell to $17.86 from $20.15; economic return (loss) of (7.6%). EAD of $0.80/share covered dividend. Leverage increased.
Every figure on this page comes from Annaly Capital Management, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.