NLY on NYSE

Annaly Capital Management

American real estate investment firm

Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1997Founded¹

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TickerNLY on NYSE¹
Industryreal estate investment trust¹
HeadquartersNew York City¹
Websitewww.annaly.com
Incorporated inMD⁴
Business address1211 Avenue Of The Americas, New York, Ny 10036⁴
Filer categoryLarge accelerated filer⁴

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Annaly Capital Management, Inc. is one of the largest mortgage real estate investment trusts. It is organized in Maryland with its principal office in New York City.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income⁶⁷⁸⁹¹⁰$2.0B in 2025

Every line of the income statement in the latest annual report, as filed.¹⁰

Period ending	2025-12-31	2024-12-31	2023-12-31
Interest income	$6.0B	$4.8B	$3.7B
Interest expense	$4.8B	$4.6B	$3.8B
Net interest income	$1.1B	$247.8M	-$111.4M
Servicing and related income	$579.6M	$485.4M	$364.2M
Servicing and related expense	$60.3M	$49.5M	$37.7M
Net servicing income	$519.3M	$435.9M	$326.5M
Net gains (losses) on investments and other	$1.7B	-$1.8B	-$2.1B
Net gains (losses) on derivatives	-$1.2B	$2.3B	$400.1M
Loan loss (provision) reversal	$0	$0	$219.0K
Other, net	$51.1M	$94.9M	$73.7M
Total other income (loss)	$589.6M	$514.7M	-$1.7B
Compensation expense	$151.6M	$130.4M	$119.6M
Other general and administrative expenses	$48.1M	$41.0M	$43.0M
Total general and administrative expenses	$199.6M	$171.4M	$162.6M
Income (loss) before income taxes	$2.0B	$1.0B	-$1.6B
Income taxes	-$6.9M	$15.3M	$39.4M
Net income (loss)	$2.1B	$1.0B	-$1.6B
Net income (loss) attributable to noncontrolling interests	$24.4M	$9.9M	$4.7M
Net income (loss) attributable to Annaly	$2.0B	$1.0B	-$1.6B
Dividends on preferred stock	$157.9M	$154.6M	$141.7M
Net income (loss) available (related) to common stockholders	$1.9B	$847.4M	-$1.8B
Basic (in dollars per share)	$2.92	$1.62	-$3.61
Diluted (in dollars per share)	$2.92	$1.62	-$3.61
Basic (in shares)	639.5M shares	521.7M shares	494.5M shares
Diluted (in shares)	641.0M shares	522.7M shares	494.5M shares
Unrealized gains (losses) on available-for-sale securities	$386.7M	-$244.3M	$580.7M
Reclassification adjustment for net (gains) losses included in net income (loss)	$142.4M	$562.0M	$1.8B
Other comprehensive income (loss)	$529.1M	$317.7M	$2.4B
Comprehensive income (loss)	$2.6B	$1.3B	$735.0M
Comprehensive income (loss) attributable to noncontrolling interests	$24.4M	$9.9M	$4.7M
Comprehensive income (loss) attributable to Annaly	$2.6B	$1.3B	$730.3M
Comprehensive income (loss) attributable to common stockholders	$2.4B	$1.2B	$588.6M

Total assets¹⁴⁶⁷⁹¹⁰$135.6B in 2025+4% since 2019

Total liabilities¹⁴⁶⁷⁸⁹¹⁰$119.4B in 2025+4% since 2019

Shareholders’ equity¹⁴⁶⁷⁸⁹¹⁰$16.1B in 2025+2% since 2019

Cash¹⁴⁶⁷⁸¹⁰$2.0B in 2025+10% since 2019

Long-term debt¹⁵¹⁴$429.6M in 2020−12% since 2019

Every line of the balance sheet in the latest annual report, as filed.¹⁰

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents (includes pledged assets of $1,776,349 and $1,202,880 respectively)	$2.0B	$1.5B	$1.4B
Loans, net (includes pledged assets of $3,954,154 and $2,754,028, respectively)	$5.0B	$3.5B
Mortgage servicing rights (includes pledged assets of $3,541,414 and $2,460,252, respectively)	$3.6B	$2.9B
Interests in MSR	$28.6M	$0
Assets transferred or pledged to securitization vehicles	$32.1B	$22.0B
Derivative assets	$115.5M	$225.4M
Reverse repurchase agreements	$34.4M	$0
Receivable for unsettled trades	$1.0M	$2.2B	$2.7B
Principal and interest receivable	$926.7M	$1.1B
Intangible assets, net	$6.7M	$9.4M
Other assets	$437.3M	$377.4M
Total assets	$135.6B	$103.6B	$93.2B
Repurchase agreements	$81.9B	$65.7B
Other secured financing	$1.1B	$750.0M
Debt issued by securitization vehicles	$28.9B	$19.5B
Participations issued	$1.9B	$1.2B
U.S. Treasury securities sold, not yet purchased	$2.4B	$2.5B
Derivative liabilities	$53.8M	$59.6M
Payable for unsettled trades	$2.1B	$308.3M	$3.2B
Interest payable	$380.7M	$268.3M
Dividends payable	$494.9M	$375.9M	$325.1M
Other liabilities	$272.4M	$242.3M
Total liabilities	$119.4B	$90.9B
Preferred stock, par value $0.01 per share, 75,000,000 and 63,500,000 authorized, 74,500,000 and 63,500,000 issued and outstanding, respectively	$1.8B	$1.5B
Common stock, par value $0.01 per share, 1,456,750,000 and 1,468,250,000 authorized, 706,972,452 and 578,357,118 issued and outstanding, respectively	$7.1M	$5.8M
Additional paid-in capital	$27.9B	$25.3B
Accumulated other comprehensive income (loss)	-$488.6M	-$1.0B
Total stockholders equity	$16.1B	$12.6B
Noncontrolling interests	$69.1M	$87.7M
Total equity	$16.2B	$12.7B	$11.3B
Accumulated deficit	-$13.2B	-$13.2B
Total liabilities and equity	$135.6B	$103.6B
Pledged assets included in cash and cash equivalents	$1.7B	$1.2B
Pledged assets, securities	$91.3B	$69.8B
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	75.0M shares	63.5M shares
Preferred Stock, shares issued (in shares)	74.5M shares	63.5M shares
Preferred Stock, shares outstanding (in shares)	74.5M shares	63.5M shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	1.5B shares	1.5B shares
Common stock, shares issued (in shares)	707.0M shares	578.4M shares
Common stock, shares outstanding (in shares)	707.0M shares	578.4M shares

Cash from operations⁶⁷⁸⁹¹⁰$692.9M in 2025

Dividends paid⁶⁷⁸⁹¹⁰$1.9B in 2025+11% since 2019

Share buybacks⁶⁷$0 in 2022

Every line of the cash flow in the latest annual report, as filed.¹⁰

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$2.1B	$1.0B	-$1.6B
Amortization of premiums and discounts of investments, net	$246.6M	$113.0M	$185.7M
Amortization of securitized debt premiums and discounts and deferred financing costs	-$35.2M	$3.6M	$13.8M
Depreciation, amortization and other noncash expenses	$34.0M	$30.4M	$24.8M
Net (gains) losses on investments and derivatives	$178.0M	$783.2M	$3.3B
Income (loss) from unconsolidated joint ventures	$13.0M	-$5.8M	$10.3M
Loan loss provision (reversal)	$0	$0	-$219.0K
Payments on purchases of loans held for sale	-$262.3M	-$58.3M	$0
Proceeds from sales and repayments of loans held for sale	$235.1M	$49.0M	$1.6M
Proceeds from U.S. Treasury securities	$7.3B	$8.6B	$2.0B
Payments on U.S. Treasury securities	-$7.4B	-$8.2B	$0
Net receipts (payments) on derivatives	-$1.8B	$779.3M	-$862.0M
Other assets	-$31.6M	-$61.9M	-$136.8M
Interest receivable	$138.3M	$154.7M	-$585.8M
Interest payable	$112.4M	-$19.6M	-$37.3M
Other liabilities	$5.7M	$75.3M	$65.5M
Net cash provided by (used in) operating activities	$692.9M	$3.3B	$2.4B
Payments on purchases of securities	-$40.7B	-$32.2B	-$41.0B
Proceeds from sales of securities	$17.2B	$21.1B	$31.3B
Principal payments on securities	$8.3B	$6.8B	$6.2B
Payments on purchases and origination of loans	-$18.6B	-$13.2B	-$5.5B
Proceeds from sales of loans	$1.3B	$686.1M	$21.2M
Principal payments on loans	$6.1B	$2.6B	$1.1B
Payments on purchases of MSR	-$882.8M	-$863.1M	-$396.8M
Proceeds from sales of MSR	$1.9M	$66.3M	$0
Payments on purchases of interests in MSR	-$32.2M	$0	$0
Proceeds from reverse repurchase agreements	$636.2B	$609.3B	$128.6B
Payments on reverse repurchase agreements	-$636.2B	-$609.3B	-$128.6B
Distributions in excess of cumulative earnings from unconsolidated joint ventures	$6.7M	$25.4M	$0
Net cash provided by (used in) investing activities	-$27.4B	-$15.0B	-$8.4B
Proceeds from repurchase agreements and other secured financing	$7.2T	$6.0T	$5.4T
Payments on repurchase agreements and other secured financing	-$7.2T	-$6.0T	-$5.3T
Proceeds from issuances of securitized debt	$14.6B	$10.3B	$4.5B
Principal payments on securitized debt	-$5.1B	-$2.4B	-$944.2M
Payments on purchases of securitized debt	-$485.6M	$0	-$2.5M
Payment of deferred financing cost	-$13.9M	-$4.3M	-$4.0M
Proceeds from participations issued	$7.8B	$4.1B	$2.0B
Payments on repurchases of participations issued	-$7.0B	-$4.1B	-$1.7B
Principal payments on participations issued	-$88.9M	-$45.7M	-$52.6M
Net contributions (distributions) from (to) noncontrolling interests	-$43.0M	-$11.4M	-$14.4M
Net proceeds from stock offerings, direct purchases and dividend reinvestments	$2.9B	$1.6B	$673.7M
Settlement of stock-based awards in satisfaction of withholding tax requirements	-$14.2M	-$6.2M	-$6.7M
Dividends paid	-$1.9B	-$1.5B	-$1.5B
Net cash provided by (used in) financing activities	$27.2B	$11.8B	$5.9B
Net (decrease) increase in cash and cash equivalents	$549.8M	$75.9M	-$164.6M
Interest received	$4.3B	$3.8B	$3.3B
Interest paid (excluding interest paid on interest rate swaps)	$3.4B	$3.8B	$3.6B
Net interest received (paid) on interest rate swaps	$1.1B	$1.6B	$1.3B
Taxes received (paid)	$1.2M	-$1.7M	$1.1M
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment	$529.1M	$317.7M	$2.4B

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How it started

History

Annaly Capital Management was founded in 1997 by Michael A.J. Farrell (1951-2012) and Wellington Denahan. Mike Farrell spent 26 years working for investment banks including E.F. Hutton & Co., Morgan Stanley, and Merrill Lynch.

In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.

In October 2012, co-founder Wellington Denahan became CEO after Michael Farrell was diagnosed with cancer; Farrell died that month.

In 2013, the company acquired CreXus Investment for $996 million.

Effective September 30, 2015, Kevin Keyes was named CEO of the company.

From Wikipedia’s article on Annaly Capital Management, shared under CC BY-SA 4.0.³

Former names

ANNALY MORTGAGE MANAGEMENT INCOct 8, 1997 to Aug 3, 2006⁴

Timeline

1997Founded Founded¹

Recent filings

Oct 2, 20268-K
Oct 1, 202625-NSE
Aug 19, 20268-K
Aug 4, 20264
Aug 3, 2026144
Jul 29, 202610-Q
Jul 21, 20268-K
Jul 21, 20268-K
Jul 21, 20268-K
Jun 12, 20264
Jun 12, 20264
Jun 12, 20264
Jun 12, 20264
Jun 12, 20264
Jun 12, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataAnnaly Capital Management on Wikidata
2
SEC EDGARAnnaly Capital Management filings on SEC EDGAR
3
WikipediaAnnaly Capital Management on Wikipedia
4
SEC EDGARAnnaly Capital Management filings on SEC EDGAR
5
Wikimedia CommonsAnnaly Capital Management photo by Coolcaesar at English Wikipedia, CC BY-SA 3.0
6
SEC EDGARAnnaly Capital Management 10-K for fiscal 2019
7
SEC EDGARAnnaly Capital Management 10-K for fiscal 2020
8
SEC EDGARAnnaly Capital Management 10-K for fiscal 2021
9
SEC EDGARAnnaly Capital Management 10-K for fiscal 2022
10
SEC EDGARAnnaly Capital Management 10-K for fiscal 2023
11
SEC EDGARAnnaly Capital Management 10-Q for fiscal 2025
12
SEC EDGARAnnaly Capital Management 10-Q for fiscal 2026
13
SEC EDGARAnnaly Capital Management 10-Q for fiscal 2026
14
SEC EDGARAnnaly Capital Management 10-K for fiscal 2019
15
SEC EDGARAnnaly Capital Management 10-K for fiscal 2019