Annaly Capital Management
Invests in Agency mortgage securities, residential credit, and mortgage-servicing rights.
Something off on this page? Send us feedback.
Profile
Runs an internally managed mortgage REIT focused on Agency mortgage-backed securities, residential credit, and mortgage-servicing rights. Agency assets anchor the portfolio, while returns and liquidity depend on secured borrowing, hedging, interest rates, mortgage spreads, prepayments, credit performance, and REIT-related constraints.
Invests across Agency mortgage-backed securities, Residential Credit, and Mortgage Servicing Rights, concentrating the portfolio on U.S. housing finance. Agency holdings remain the asset anchor, while credit and servicing receive a larger share of capital relative to their asset weight.
Builds and manages mortgage exposure through secured borrowing, derivatives, whole-loan aggregation, securitization, and in-house servicing oversight. The internally managed platform exited commercial real estate and middle-market lending to focus its operating capabilities on residential mortgages.
Depends on repo funding and collateral terms, leverage, interest rates, mortgage spreads, borrower prepayments, residential-credit performance, and MSR valuation. REIT qualification and the Investment Company Act exemption also constrain asset mix, income, distributions, and permitted activities.
Company facts
Categories
Key statistics
Year to date +0.7% · Average volume (30d) 6.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 17, 2026 | BTIG | Target | $25 | $24 | ||
| Apr 24, 2026 | UBS | Reiterate | Neutral | $23 | ||
| Feb 5, 2026 | RBC Capital | Reiterate | Outperform | $23 | $25 | |
| Jan 30, 2026 | Barclays | Reiterate | Equal Weight | $23 | $24 | |
| Jan 29, 2026 | Wells Fargo | Target | $23 | $25 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $0.75 | $0.79 | +5.2% | $639.8M | $892.9M | +39.6% | −1.02% |
| Apr 21, 2026Q1 FY26 | $0.74 | $0.33 | −55.4% | $595.3M | $1.63B | +173.9% | +0.13% |
| Jan 28, 2026Q4 FY25 | $0.72 | $0.74 | +2.8% | $697.2M | $1.06B | +52.2% | −1.03% |
| Oct 22, 2025Q3 FY25 | $0.72 | $0.73 | +1.4% | $554.9M | $2.16B | +288.8% | −1.92% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.49B | $1.79B | $1.63B | $1.79B | $1.63B | $2.23B | |
| Gross profit | $1.47B | $1.77B | $1.61B | $1.79B | $1.61B | $2.22B | |
| Operating income | $1.24B | $1.21B | $2.09B | $2.33B | $1.56B | $2.16B | |
| Net income | $124.2M | $57.1M | $832.4M | $1.01B | $282.7M | $822.7M | |
| Diluted EPS | $0.15 | $0.03 | $1.20 | $1.40 | $0.33 | $1.07 | |
| Gross margin | 98.8% | 99.0% | 99.0% | 99.9% | 98.9% | 99.2% | |
| Operating margin | 83.1% | 67.4% | 128.3% | 130.5% | 95.8% | 96.6% |
Fiscal years (4-quarter sums)FY21 $692.6M · FY22 $4.15B · FY23 $5.61B · FY24 $6.36B · FY25 $6.70B
Balance sheet, Jun 30, 2026Cash & short-term investments $2.91B · Total debt $124.94B · Total assets $143.74B · Shareholders' equity $16.93B
Dividends
Raised for 2 straight years — most recently to $0.75 from $0.70 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 31 | $0.75 | raised from $0.70 |
| Mar 31, 2026 | Mar 31 | Apr 30 | $0.70 | |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.70 | |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.70 | |
| Jun 30, 2025 | Jun 30 | Jul 31 | $0.70 | |
| Mar 31, 2025 | Mar 31 | Apr 30 | $0.70 | raised from $0.65 |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.65 | |
| Sep 30, 2024 | Sep 30 | Oct 31 | $0.65 |
Ownership
Shares outstanding 753.71M · Float 752.11M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 87.22M | 11.57% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 32.90M | 4.37% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 31.25M | 4.15% | 13F | Aug 13, 2026 |
| State Street Corp | 29.43M | 3.90% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 20.82M | 2.76% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 3, 2026 | David L. Finkelstein | director, officer: CEO and Co-CIO | −50,000 | $22.89 |
| May 4, 2026 | Serena Wolfe | officer: Chief Financial Officer | −16,537 | $22.48 |
| Apr 27, 2026 | David L. Finkelstein | director, officer: CEO and Co-CIO | −50,000 | $22.88 |
| Feb 25, 2026 | Steven Francis Campbell | officer: President and COO | −26,491 | $22.83 |
| Feb 18, 2026 | Steven Francis Campbell | officer: President and COO | −28,225 | $23.12 |
Peers
- AGNC
Agency-focused mortgage REIT with a small mortgage-credit portfolio
- TWO
MSR-focused mortgage REIT pairing Agency RMBS with in-house servicing
- Rithm Capital
Diversified asset manager with scaled mortgage servicing and non-QM lending
- MFA Financial
Residential mortgage REIT centered on whole loans and Agency MBS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| MFA Financial | $8.82 | −0.11% | $901.5M | 7.4 | 6.9 | 1.2 | −65.6% |
| Median | 7.4 | 7.0 | 1.3 | +69.9% |