Annaly Capital Management, Inc. Reports 3rd Quarter 2026 Results
NEW YORK--(BUSINESS WIRE)--Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended September 30, 2026.
Financial Highlights
- GAAP net income (loss) of ($1.36) per average common share for the quarter
- Earnings available for distribution ("EAD") of $0.80 per average common share for the quarter
- Economic return (loss) of (7.6%) for the third quarter
- Book value per common share of $17.86
- GAAP leverage of 8.0x, up from 7.4x in the prior quarter; economic leverage of 5.9x, up from 5.6x in the prior quarter
- Declared quarterly common stock cash dividend of $0.75 per share
Business Highlights
Investment and Strategy
- Total portfolio of $106.5 billion, including $91.8 billion in highly liquid Agency portfolio(1)
- Annaly’s Agency portfolio decreased modestly, representing 55% of dedicated capital(2), with activity focused on further rotation into higher coupon specified pools
- Actively managed the hedge portfolio throughout the quarter, primarily adding Treasury futures to offset market-driven extension and maintain a disciplined risk posture, ending the quarter with a hedge ratio of 100%
- Annaly’s Residential Credit portfolio was effectively unchanged at $10.4 billion(1), representing 23% of dedicated capital(2), with continued strong production from its whole loan correspondent channel including record loan fundings of $5.8 billion
- Annaly's MSR portfolio increased to $4.3 billion(1) in market value, representing 22% of dedicated capital(2); Onslow Bay is the sixth-largest non-bank servicer of Agency MBS(3)
Financing and Capital
- $8.5 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $4.2 billion
-
During the quarter, Annaly Residential Credit Group issued twelve securitizations totaling a record $7.4 billion across a wide array of product types
– Remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(5) - Average GAAP cost of interest-bearing liabilities of 4.34%, up six basis points quarter-over-quarter, and average economic cost of interest-bearing liabilities of 4.03%, up seven basis points quarter-over-quarter
- Maintained warehouse capacity of $8.3 billion across our Residential Credit and MSR businesses, including $2.8 billion of committed capacity
- Announced redemption of all outstanding shares of the $442.5 million Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock(6)
- Raised $757 million of accretive capital through the Company’s at-the-market sales program(7)
"While the third quarter of 2026 was a challenging period for fixed income markets, which we were not immune to, we entered the quarter prepared for the volatility. Our cycle-low leverage and minimal duration exposure provided us with the flexibility to actively manage our portfolio while continuing to make attractive investments across our three strategies," remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "Meanwhile, Annaly generated EAD of $0.80 per share, once again exceeding the common stock dividend and underscoring the durable earnings power of our platform.
"Looking ahead, we remain disciplined in our approach to capital allocation, leverage, liquidity and our hedge portfolio. We continue to see ample investment opportunities across each of our three strategies and we believe Annaly’s deep capital base, differentiated operating capabilities and active portfolio management position us well to deploy capital and generate compelling risk-adjusted returns."
(1) |
| Total portfolio represents Annaly’s investments that are on-balance sheet and off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $42.5 billion, include TBA purchase contracts (market value) of $6.5 billion, include $4.1 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $2.2 billion. |
(2) |
| Dedicated capital for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets (including TBAs) and liabilities. |
(3) |
| Based on information aggregated from Fannie Mae and Freddie Mac monthly loan level files by eMBS servicing transfer data as of September 30, 2026. Excludes transfer activity related to platform acquisitions. |
(4) |
| Comprised of $6.9 billion of unencumbered assets, which represents Annaly’s excess liquidity and defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSR, reverse repurchase agreements, other unencumbered financial assets and capital stock), and $1.6 billion of fair value of collateral pledged for future advances. |
(5) |
| Issuer ranking data from Inside Nonconforming Markets for 2025 to 2026 (October 9, 2026 issue). Used with permission. |
(6) |
| All outstanding shares of Annaly's 6.750% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock were redeemed subsequent to quarter end on October 1, 2026. |
(7) |
| Net of sales agent commissions and other offering expenses. |
Financial Performance
The following table summarizes certain key performance indicators as of and for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
| September 30, 2026 |
| June 30, 2026 |
| September 30, 2025 | ||||||
Book value per common share | $ | 17.86 |
|
| $ | 20.15 |
|
| $ | 19.25 |
|
GAAP net income per average common share (1) | $ | (1.36 | ) |
| $ | 1.06 |
|
| $ | 1.21 |
|
Annualized GAAP return on average equity (2) |
| (24.35 | %) |
|
| 19.88 | % |
|
| 23.69 | % |
GAAP leverage at period-end (3) | 8.0:1 |
| 7.4:1 |
| 7.1:1 | ||||||
Net interest margin (4) |
| 1.54 | % |
|
| 1.47 | % |
|
| 0.97 | % |
Average yield on interest earning assets (5) |
| 5.58 | % |
|
| 5.44 | % |
|
| 5.40 | % |
Average GAAP cost of interest bearing liabilities (6) |
| 4.34 | % |
|
| 4.28 | % |
|
| 4.73 | % |
Net interest spread |
| 1.24 | % |
|
| 1.16 | % |
|
| 0.67 | % |
Non-GAAP metrics * |
|
|
|
|
| ||||||
Earnings available for distribution per average common share (1) | $ | 0.80 |
|
| $ | 0.79 |
|
| $ | 0.73 |
|
Annualized EAD return on average equity |
| 15.86 | % |
|
| 15.12 | % |
|
| 14.70 | % |
Economic leverage at period-end (3) | 5.9:1 |
| 5.6:1 |
| 5.7:1 | ||||||
Net interest margin (excluding PAA) (4) |
| 1.69 | % |
|
| 1.76 | % |
|
| 1.70 | % |
Average yield on interest earning assets (excluding PAA) (5) |
| 5.45 | % |
|
| 5.46 | % |
|
| 5.46 | % |
Average economic cost of interest bearing liabilities (6) |
| 4.03 | % |
|
| 3.96 | % |
|
| 3.96 | % |
Net interest spread (excluding PAA) |
| 1.42 | % |
|
| 1.50 | % |
|
| 1.50 | % |
* Represents a non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for additional information. | |||||||||||
(1) Net of dividends on preferred stock. The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock (the "Series J Preferred Stock") as of September 30, 2025. | |||||||||||
(2) Annualized GAAP return on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return on average equity is (6.09%), 4.97%, and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively. | |||||||||||
(3) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced ("TBA") derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage. | |||||||||||
(4) Net interest margin represents interest income less interest expense divided by average Interest Earning Assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income and less economic interest expense divided by the sum of average Interest Earning Assets plus average outstanding TBA contract balances. PAA represents the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities. | |||||||||||
(5) Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA). | |||||||||||
(6) Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss). | |||||||||||
Other Information
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s beliefs and expectations, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ from those contained in the forward-looking statements can be found in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Annaly undertakes no obligation to update or revise any forward-looking statements.
We use our website and LinkedIn account as additional channels for distributing material company information, along with our press releases, SEC filings and public conference calls and webcasts.
The Company prepares an investor presentation and financial supplement for the benefit of its shareholders. Please refer to the investor presentation for definitions of both GAAP and non-GAAP measures used in this news release. Both the Third Quarter 2026 Investor Presentation and the Third Quarter 2026 Financial Supplement can be found on our website.
Conference Call
The Company will hold the third quarter 2026 earnings conference call on October 21, 2026 at 9:00 a.m. Eastern Time. Participants are encouraged to pre-register for the conference call to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed by accessing the pre-registration link found on the "Investors" section of the Company's website at www.annaly.com, or by using the following link: https://registrations.events/direct/IDX71212VIP2npOaYFOwrG0Td. Pre-registration may be completed at any time, including up to and after the call start time.
For participants who would like to join the call but have not pre-registered, access is available by dialing 800-715-9871 within the U.S., or 646-307-1963 internationally, and requesting the "Annaly Earnings Call."
There will also be an audio webcast of the call on www.annaly.com. A replay of the call will be available for one week following the conference call. The replay number is 800-770-2030 for domestic calls and 609-800-9909 for international calls and the conference passcode is 71212#. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on News & Insights, then select Subscribe and complete the email notification form.
Financial Statements
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except per share data) | |||||||||||||||||||
| September 30, 2026 |
| June 30, 2026 |
| March 31, 2026 |
| December 31, 2025 (1) |
| September 30, 2025 | ||||||||||
| (unaudited) |
| (unaudited) |
| (unaudited) |
|
|
| (unaudited) | ||||||||||
Assets |
|
|
|
|
|
|
|
|
| ||||||||||
Cash and cash equivalents | $ | 2,180,894 |
|
| $ | 2,912,086 |
|
| $ | 1,912,444 |
|
| $ | 2,037,838 |
|
| $ | 2,096,696 |
|
Securities |
| 86,897,746 |
|
|
| 89,515,485 |
|
|
| 88,473,681 |
|
|
| 91,287,630 |
|
|
| 85,062,725 |
|
Loans, net |
| 6,869,820 |
|
|
| 7,280,979 |
|
|
| 7,230,876 |
|
|
| 5,020,784 |
|
|
| 4,008,299 |
|
Mortgage servicing rights |
| 4,199,823 |
|
|
| 4,089,485 |
|
|
| 4,115,999 |
|
|
| 3,645,865 |
|
|
| 3,476,181 |
|
Interests in MSR |
| 110,350 |
|
|
| 106,775 |
|
|
| 27,212 |
|
|
| 28,626 |
|
|
| 35,833 |
|
Assets transferred or pledged to securitization vehicles |
| 42,459,566 |
|
|
| 38,256,690 |
|
|
| 34,207,738 |
|
|
| 32,067,433 |
|
|
| 29,512,309 |
|
Derivative assets |
| 1,204,812 |
|
|
| 81,784 |
|
|
| 395,099 |
|
|
| 115,533 |
|
|
| 47,899 |
|
Reverse repurchase agreements |
| 32,425 |
|
|
| 33,047 |
|
|
| 33,524 |
|
|
| 34,389 |
|
|
| 35,004 |
|
Receivable for unsettled trades |
| 705,160 |
|
|
| 104,722 |
|
|
| 891,293 |
|
|
| 1,031 |
|
|
| 185,916 |
|
Principal and interest receivable |
| 882,299 |
|
|
| 846,548 |
|
|
| 806,484 |
|
|
| 926,660 |
|
|
| 959,435 |
|
Intangible assets, net |
| 4,708 |
|
|
| 5,380 |
|
|
| 6,053 |
|
|
| 6,726 |
|
|
| 7,398 |
|
Other assets |
| 599,871 |
|
|
| 508,195 |
|
|
| 437,188 |
|
|
| 437,323 |
|
|
| 433,877 |
|
Total assets | $ | 146,147,474 |
|
| $ | 143,741,176 |
|
| $ | 138,537,591 |
|
| $ | 135,609,838 |
|
| $ | 125,861,572 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| ||||||||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||||||||
Repurchase agreements | $ | 85,525,065 |
|
| $ | 86,895,874 |
|
| $ | 85,068,102 |
|
| $ | 81,865,723 |
|
| $ | 75,118,963 |
|
Other secured financing |
| 1,125,000 |
|
|
| 1,125,000 |
|
|
| 1,125,000 |
|
|
| 1,075,000 |
|
|
| 1,025,000 |
|
Debt issued by securitization vehicles |
| 38,380,269 |
|
|
| 34,366,098 |
|
|
| 30,719,417 |
|
|
| 28,918,753 |
|
|
| 26,601,790 |
|
Participations issued |
| 2,200,562 |
|
|
| 2,553,709 |
|
|
| 2,484,018 |
|
|
| 1,932,655 |
|
|
| 1,831,657 |
|
U.S. Treasury securities sold, not yet purchased |
| — |
|
|
| — |
|
|
| — |
|
|
| 2,396,724 |
|
|
| 2,442,570 |
|
Derivative liabilities |
| 302,774 |
|
|
| 247,968 |
|
|
| 207,369 |
|
|
| 53,755 |
|
|
| 199,100 |
|
Payable for unsettled trades |
| 1,108,206 |
|
|
| 331,586 |
|
|
| 1,522,750 |
|
|
| 2,059,386 |
|
|
| 2,604,278 |
|
Interest payable |
| 319,589 |
|
|
| 420,764 |
|
|
| 347,607 |
|
|
| 380,688 |
|
|
| 285,080 |
|
Dividends payable |
| 588,505 |
|
|
| 562,931 |
|
|
| 511,203 |
|
|
| 494,881 |
|
|
| 476,737 |
|
Other liabilities |
| 703,118 |
|
|
| 258,870 |
|
|
| 226,314 |
|
|
| 272,362 |
|
|
| 279,818 |
|
Total liabilities |
| 130,253,088 |
|
|
| 126,762,800 |
|
|
| 122,211,780 |
|
|
| 119,449,927 |
|
|
| 110,864,993 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
| ||||||||||
Preferred stock, par value $0.01 per share (2) |
| 1,802,480 |
|
|
| 1,802,480 |
|
|
| 1,802,480 |
|
|
| 1,802,480 |
|
|
| 1,802,480 |
|
Common stock, par value $0.01 per share (3) |
| 7,847 |
|
|
| 7,506 |
|
|
| 7,303 |
|
|
| 7,070 |
|
|
| 6,811 |
|
Additional paid-in capital |
| 29,654,134 |
|
|
| 28,886,263 |
|
|
| 28,427,555 |
|
|
| 27,927,113 |
|
|
| 27,352,976 |
|
Accumulated other comprehensive income (loss) |
| (795,806 | ) |
|
| (557,014 | ) |
|
| (533,614 | ) |
|
| (488,566 | ) |
|
| (624,387 | ) |
Accumulated deficit |
| (14,848,732 | ) |
|
| (13,213,859 | ) |
|
| (13,429,615 | ) |
|
| (13,157,325 | ) |
|
| (13,626,983 | ) |
Total stockholders’ equity |
| 15,819,923 |
|
|
| 16,925,376 |
|
|
| 16,274,109 |
|
|
| 16,090,772 |
|
|
| 14,910,897 |
|
Noncontrolling interests |
| 74,463 |
|
|
| 53,000 |
|
|
| 51,702 |
|
|
| 69,139 |
|
|
| 85,682 |
|
Total equity |
| 15,894,386 |
|
|
| 16,978,376 |
|
|
| 16,325,811 |
|
|
| 16,159,911 |
|
|
| 14,996,579 |
|
Total liabilities and equity | $ | 146,147,474 |
|
| $ | 143,741,176 |
|
| $ | 138,537,591 |
|
| $ | 135,609,838 |
|
| $ | 125,861,572 |
|
| |||||||||||||||||||
(1) Derived from the audited consolidated financial statements at December 31, 2025. | |||||||||||||||||||
(2) 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 28,800,000 shares authorized, issued and outstanding. 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 17,000,000 shares authorized, issued and outstanding. 6.75% Series I Preferred Stock - Includes 17,700,000 shares authorized, issued and outstanding. 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock - Includes 11,500,000 shares authorized, and 11,000,000 issued and outstanding. | |||||||||||||||||||
(3) Includes 1,456,750,000 shares authorized. Includes 784,673,349 shares issued and outstanding at September 30, 2026; 750,574,308 shares issued and outstanding at June 30, 2026; 730,290,500 shares issued and outstanding at March 31, 2026; 706,972,452 shares issued and outstanding at December 31, 2025; 681,052,317 shares issued and outstanding at September 30, 2025. | |||||||||||||||||||
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except per share data) (Unaudited) | |||||||||||||||||||
| For the quarters ended | ||||||||||||||||||
| September 30, 2026 |
| June 30, 2026 |
| March 31, 2026 |
| December 31, 2025 |
| September 30, 2025 | ||||||||||
Net interest income |
|
|
|
|
|
|
|
|
| ||||||||||
Interest income | $ | 1,970,425 |
|
| $ | 1,812,198 |
|
| $ | 1,724,930 |
|
| $ | 1,690,707 |
|
| $ | 1,532,497 |
|
Interest expense |
| 1,426,813 |
|
|
| 1,324,005 |
|
|
| 1,272,239 |
|
|
| 1,324,128 |
|
|
| 1,256,747 |
|
Net interest income |
| 543,612 |
|
|
| 488,193 |
|
|
| 452,691 |
|
|
| 366,579 |
|
|
| 275,750 |
|
Net servicing income |
|
|
|
|
|
|
|
|
| ||||||||||
Servicing and related income |
| 173,096 |
|
|
| 175,059 |
|
|
| 159,133 |
|
|
| 156,131 |
|
|
| 141,356 |
|
Servicing and related expense |
| 17,087 |
|
|
| 17,835 |
|
|
| 16,580 |
|
|
| 16,485 |
|
|
| 15,104 |
|
Net servicing income |
| 156,009 |
|
|
| 157,224 |
|
|
| 142,553 |
|
|
| 139,646 |
|
|
| 126,252 |
|
Other income (loss) |
|
|
|
|
|
|
|
|
| ||||||||||
Net gains (losses) on investments and other |
| (4,721,745 | ) |
|
| (318,503 | ) |
|
| (672,119 | ) |
|
| 289,428 |
|
|
| 561,927 |
|
Net gains (losses) on derivatives |
| 3,074,072 |
|
|
| 552,426 |
|
|
| 409,112 |
|
|
| 251,799 |
|
|
| (92,308 | ) |
Other, net |
| 16,895 |
|
|
| 13,521 |
|
|
| 9,323 |
|
|
| 13,952 |
|
|
| 13,959 |
|
Total other income (loss) |
| (1,630,778 | ) |
|
| 247,444 |
|
|
| (253,684 | ) |
|
| 555,179 |
|
|
| 483,578 |
|
General and administrative expenses |
|
|
|
|
|
|
|
|
| ||||||||||
Compensation expense |
| 41,185 |
|
|
| 44,640 |
|
|
| 41,384 |
|
|
| 39,279 |
|
|
| 38,393 |
|
Other general and administrative expenses |
| 12,021 |
|
|
| 13,549 |
|
|
| 11,180 |
|
|
| 11,928 |
|
|
| 11,947 |
|
Total general and administrative expenses |
| 53,206 |
|
|
| 58,189 |
|
|
| 52,564 |
|
|
| 51,207 |
|
|
| 50,340 |
|
Income (loss) before income taxes |
| (984,363 | ) |
|
| 834,672 |
|
|
| 288,996 |
|
|
| 1,010,197 |
|
|
| 835,240 |
|
Income taxes |
| 16,335 |
|
|
| 6,899 |
|
|
| (1,519 | ) |
|
| (7,754 | ) |
|
| (7,823 | ) |
Net income (loss) |
| (1,000,698 | ) |
|
| 827,773 |
|
|
| 290,515 |
|
|
| 1,017,951 |
|
|
| 843,063 |
|
Net income (loss) attributable to noncontrolling interests |
| 1,061 |
|
|
| 5,100 |
|
|
| 7,863 |
|
|
| 4,457 |
|
|
| 10,618 |
|
Net income (loss) attributable to Annaly |
| (1,001,759 | ) |
|
| 822,673 |
|
|
| 282,652 |
|
|
| 1,013,494 |
|
|
| 832,445 |
|
Dividends on preferred stock (1) |
| 41,305 |
|
|
| 41,036 |
|
|
| 40,652 |
|
|
| 42,387 |
|
|
| 41,127 |
|
Net income (loss) available (related) to common stockholders | $ | (1,043,064 | ) |
| $ | 781,637 |
|
| $ | 242,000 |
|
| $ | 971,107 |
|
| $ | 791,318 |
|
Net income (loss) per share available (related) to common stockholders |
|
|
|
|
|
|
|
| |||||||||||
Basic | $ | (1.36 | ) |
| $ | 1.06 |
|
| $ | 0.33 |
|
| $ | 1.40 |
|
| $ | 1.21 |
|
Diluted | $ | (1.36 | ) |
| $ | 1.06 |
|
| $ | 0.33 |
|
| $ | 1.40 |
|
| $ | 1.20 |
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
| |||||||||||
Basic |
| 764,359,434 |
|
|
| 738,926,270 |
|
|
| 722,707,153 |
|
|
| 693,011,031 |
|
|
| 656,335,974 |
|
Diluted |
| 764,359,434 |
|
|
| 740,256,247 |
|
|
| 724,364,897 |
|
|
| 695,034,348 |
|
|
| 657,856,427 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
| |||||||||||
Net income (loss) | $ | (1,000,698 | ) |
| $ | 827,773 |
|
| $ | 290,515 |
|
| $ | 1,017,951 |
|
| $ | 843,063 |
|
Unrealized gains (losses) on available-for-sale securities |
| (250,449 | ) |
|
| (23,400 | ) |
|
| (45,048 | ) |
|
| 74,992 |
|
|
| 113,281 |
|
Reclassification adjustment for net (gains) losses included in net income (loss) |
| 11,657 |
|
|
| — |
|
|
| — |
|
|
| 60,829 |
|
|
| 2,378 |
|
Other comprehensive income (loss) |
| (238,792 | ) |
|
| (23,400 | ) |
|
| (45,048 | ) |
|
| 135,821 |
|
|
| 115,659 |
|
Comprehensive income (loss) |
| (1,239,490 | ) |
|
| 804,373 |
|
|
| 245,467 |
|
|
| 1,153,772 |
|
|
| 958,722 |
|
Comprehensive income (loss) attributable to noncontrolling interests |
| 1,061 |
|
|
| 5,100 |
|
|
| 7,863 |
|
|
| 4,457 |
|
|
| 10,618 |
|
Comprehensive income (loss) attributable to Annaly |
| (1,240,551 | ) |
|
| 799,273 |
|
|
| 237,604 |
|
|
| 1,149,315 |
|
|
| 948,104 |
|
Dividends on preferred stock (1) |
| 41,305 |
|
|
| 41,036 |
|
|
| 40,652 |
|
|
| 42,387 |
|
|
| 41,127 |
|
Comprehensive income (loss) attributable to common stockholders | $ | (1,281,856 | ) |
| $ | 758,237 |
|
| $ | 196,952 |
|
| $ | 1,106,928 |
|
| $ | 906,977 |
|
| |||||||||||||||||||
(1) The quarter ended December 31, 2025 excludes, and the quarter ended September 30, 2025 includes, cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025. | |||||||||||||||||||
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except per share data) | |||||||
| For the nine months ended | ||||||
| September 30, 2026 |
| September 30, 2025 | ||||
| (unaudited) |
| (unaudited) | ||||
Net interest income |
|
|
| ||||
Interest income | $ | 5,507,553 |
|
| $ | 4,268,498 |
|
Interest expense |
| 4,023,057 |
|
|
| 3,499,577 |
|
Net interest income |
| 1,484,496 |
|
|
| 768,921 |
|
Net servicing income |
|
|
| ||||
Servicing and related income |
| 507,288 |
|
|
| 423,461 |
|
Servicing and related expense |
| 51,502 |
|
|
| 43,788 |
|
Net servicing income |
| 455,786 |
|
|
| 379,673 |
|
Other income (loss) |
|
|
| ||||
Net gains (losses) on investments and other |
| (5,712,367 | ) |
|
| 1,456,242 |
|
Net gains (losses) on derivatives |
| 4,035,610 |
|
|
| (1,458,960 | ) |
Other, net |
| 39,739 |
|
|
| 37,169 |
|
Total other income (loss) |
| (1,637,018 | ) |
|
| 34,451 |
|
General and administrative expenses |
|
|
| ||||
Compensation expense |
| 127,209 |
|
|
| 112,273 |
|
Other general and administrative expenses |
| 36,750 |
|
|
| 36,149 |
|
Total general and administrative expenses |
| 163,959 |
|
|
| 148,422 |
|
Income (loss) before income taxes |
| 139,305 |
|
|
| 1,034,623 |
|
Income taxes |
| 21,715 |
|
|
| 884 |
|
Net income (loss) |
| 117,590 |
|
|
| 1,033,739 |
|
Net income (loss) attributable to noncontrolling interests |
| 14,024 |
|
|
| 19,971 |
|
Net income (loss) attributable to Annaly |
| 103,566 |
|
|
| 1,013,768 |
|
Dividends on preferred stock (1) |
| 122,993 |
|
|
| 115,544 |
|
Net income (loss) available (related) to common stockholders | $ | (19,427 | ) |
| $ | 898,224 |
|
Net income (loss) per share available (related) to common stockholders |
|
| |||||
Basic | $ | (0.03 | ) |
| $ | 1.45 |
|
Diluted | $ | (0.03 | ) |
| $ | 1.44 |
|
Weighted average number of common shares outstanding |
|
| |||||
Basic |
| 742,107,269 |
|
|
| 621,484,893 |
|
Diluted |
| 742,107,269 |
|
|
| 622,768,481 |
|
Other comprehensive income (loss) |
|
| |||||
Net income (loss) | $ | 117,590 |
|
| $ | 1,033,739 |
|
Unrealized gains (losses) on available-for-sale securities |
| (318,897 | ) |
|
| 311,717 |
|
Reclassification adjustment for net (gains) losses included in net income (loss) |
| 11,657 |
|
|
| 81,578 |
|
Other comprehensive income (loss) |
| (307,240 | ) |
|
| 393,295 |
|
Comprehensive income (loss) |
| (189,650 | ) |
|
| 1,427,034 |
|
Comprehensive income (loss) attributable to noncontrolling interests |
| 14,024 |
|
|
| 19,971 |
|
Comprehensive income (loss) attributable to Annaly |
| (203,674 | ) |
|
| 1,407,063 |
|
Dividends on preferred stock (1) |
| 122,993 |
|
|
| 115,544 |
|
Comprehensive income (loss) attributable to common stockholders | $ | (326,667 | ) |
| $ | 1,291,519 |
|
|
|
|
| ||||
(1) The nine months ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025. | |||||||
Key Financial Data
The following table pres
Contacts
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
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