$NLY

ANNALY CAPITAL MANAGEMENT INC

CIK:0001043219|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net interest income
Interest income	$ 1,812,198	$ 1,418,893	$ 3,537,128	$ 2,736,001
Interest expense	1,324,005	1,145,693	2,596,244	2,242,830
Net interest income	488,193	273,200	940,884	493,171
Net servicing income
Servicing and related income	175,059	141,670	334,192	282,105
Servicing and related expense	17,835	14,571	34,415	28,684
Net servicing income	157,224	127,099	299,777	253,421
Other income (loss)
Net gains (losses) on investments and other	(318,503)	83,503	(990,622)	894,315
Net gains (losses) on derivatives	552,426	(388,785)	961,538	(1,366,652)
Other, net	13,521	15,812	22,844	23,210
Total other income (loss)	247,444	(289,470)	(6,240)	(449,127)
General and administrative expenses
Compensation expense	44,640	36,583	86,024	73,880
Other general and administrative expenses	13,549	13,435	24,729	24,202
Total general and administrative expenses	58,189	50,018	110,753	98,082
Income (loss) before income taxes	834,672	60,811	1,123,668	199,383
Income taxes	6,899	440	5,380	8,707
Net income (loss)	827,773	60,371	1,118,288	190,676
Net income (loss) attributable to noncontrolling interests	5,100	3,272	12,963	9,353
Net income (loss) attributable to Annaly	822,673	57,099	1,105,325	181,323
Dividends on preferred stock	41,036	37,260	81,688	74,417
Net income (loss) available (related) to common stockholders	$ 781,637	$ 19,839	$ 1,023,637	$ 106,906
Net income (loss) per share available (related) to common stockholders
Basic (in dollars per share)	$ 1.06	$ 0.03	$ 1.40	$ 0.18
Diluted (in dollars per share)	$ 1.06	$ 0.03	$ 1.40	$ 0.18
Weighted average number of common shares outstanding
Basic (in shares)	738,926,270	620,208,712	730,798,630	603,770,531
Diluted (in shares)	740,256,247	621,103,218	732,317,721	604,882,295
Other comprehensive income (loss)
Net income (loss)	$ 827,773	$ 60,371	$ 1,118,288	$ 190,676
Unrealized gains (losses) on available-for-sale securities	(23,400)	33,559	(68,448)	198,436
Reclassification adjustment for net (gains) losses included in net income (loss)	0	13,797	0	79,200
Other comprehensive income (loss)	(23,400)	47,356	(68,448)	277,636
Comprehensive income (loss)	804,373	107,727	1,049,840	468,312
Comprehensive income (loss) attributable to noncontrolling interests	5,100	3,272	12,963	9,353
Comprehensive income (loss) attributable to Annaly	799,273	104,455	1,036,877	458,959
Comprehensive income (loss) attributable to common stockholders	$ 758,237	$ 67,195	$ 955,189	$ 384,542

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities

Net income (loss)

$ 1,118,288

$ 190,676

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Amortization of premiums and discounts of investments, net

187,327

118,013

Amortization of securitized debt premiums and discounts and deferred financing costs

(41,938)

(9,664)

Depreciation, amortization and other noncash expenses

19,802

18,296

Net (gains) losses on investments and derivatives

213,389

849,532

Income (loss) from unconsolidated joint ventures

12,255

3,527

Payments on purchases of loans held for sale

(136,149)

(104,589)

Proceeds from sales and repayments of loans held for sale

166,280

114,239

Proceeds from U.S. Treasury securities

702,110

2,465,677

Payments on U.S. Treasury securities

(3,099,102)

(2,486,009)

Net receipts (payments) on derivatives

1,007,111

(1,318,990)

Net change in

Other assets

(38,368)

(37,252)

Interest receivable

73,996

237,038

Interest payable

40,076

(12,072)

Other liabilities

(7,067)

(3,948)

Net cash provided by (used in) operating activities

218,010

24,474

Cash flows from investing activities

Payments on purchases of securities

(15,064,564)

(13,560,454)

Proceeds from sales of securities

8,333,840

9,488,533

Principal payments on securities

5,547,717

3,819,405

Payments on purchases and origination of loans

(14,850,217)

(7,952,371)

Proceeds from sales of loans

468,324

816,887

Principal payments on loans

5,584,253

2,157,581

Payments on purchases of MSR

(631,029)

(425,968)

Proceeds from sales of MSR

73,900

1,871

Payments on purchases of interests in MSR

(80,750)

Proceeds from reverse repurchase agreements

62,659,517

336,792,414

Payments on reverse repurchase agreements

(62,658,175)

(336,792,414)

Distributions in excess of cumulative earnings from unconsolidated joint ventures

4,913

Net cash provided by (used in) investing activities

(10,617,184)

(5,649,603)

Cash flows from financing activities

Proceeds from repurchase agreements and other secured financing

4,183,738,715

3,200,666,313

Payments on repurchase agreements and other secured financing

(4,178,658,844)

(3,199,538,563)

Proceeds from issuances of securitized debt

10,798,466

6,303,865

Principal payments on securitized debt

(4,671,853)

(1,958,111)

Payments on purchases of securitized debt

(364,410)

(4,350)

Payment of deferred financing cost

(1,522)

(10,305)

Proceeds from participations issued

4,649,096

3,472,780

Payments on repurchases of participations issued

(3,973,464)

(3,059,003)

Principal payments on participations issued

(61,760)

(42,829)

Net contributions (distributions) from (to) noncontrolling interests

(29,102)

(4,000)

Net proceeds from stock offerings, direct purchases and dividend reinvestments

955,351

1,256,288

Settlement of stock-based awards in satisfaction of withholding tax requirements

(19,174)

(13,936)

Dividends paid

(1,088,077)

(872,202)

Net cash provided by (used in) financing activities

11,273,422

6,195,947

Net (decrease) increase in cash and cash equivalents

874,248

570,818

Cash and cash equivalents including cash pledged as collateral, beginning of period

2,037,838

^[1],[2]

1,488,027

Cash and cash equivalents including cash pledged as collateral, end of period

2,912,086

^[2]

2,058,845

Supplemental disclosure of cash flow information

Interest received

2,456,254

2,009,100

Dividends received

565

Interest paid (excluding interest paid on interest rate swaps)

1,711,794

1,669,958

Net interest received (paid) on interest rate swaps

371,644

725,621

Taxes received (paid)

(1,977)

(203)

Noncash investing and financing activities

Receivable for unsettled trades

104,722

1,134,896

Payable for unsettled trades

331,586

1,538,526

Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment

(68,448)

277,636

Dividends declared, not yet paid

$ 562,931

$ 449,453

[1]	(1)Derived from the audited consolidated financial statements at December 31, 2025.
[2]	(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $8.3 million and $4.1 million at June 30, 2026 and December 31, 2025, respectively.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents (includes pledged assets of $2,546,553 and $1,683,059, respectively)

^[1]

$ 2,912,086

$ 2,037,838

^[2]

Securities (includes pledged assets of $83,286,913 and $82,809,634, respectively)

^[3]

89,515,485

91,287,630

^[2]

Loans, net (includes pledged assets of $6,885,511 and $4,590,517, respectively)

^[4]

7,280,979

5,020,784

^[2]

Mortgage servicing rights (includes pledged assets of $3,472,452 and $3,541,414, respectively)

4,089,485

3,645,865

^[2]

Interests in MSR

106,775

28,626

^[2]

Assets transferred or pledged to securitization vehicles

38,256,690

32,067,433

^[2]

Derivative assets

81,784

115,533

^[2]

Reverse repurchase agreements

33,047

34,389

Receivable for unsettled trades

104,722

1,031

^[2]

Principal and interest receivable

846,548

926,660

^[2]

Intangible assets, net

5,380

6,726

^[2]

Other assets

508,195

437,323

^[2]

Total assets

143,741,176

135,609,838

^[2]

Liabilities

Repurchase agreements

86,895,874

81,865,723

^[2]

Other secured financing

1,125,000

1,075,000

^[2]

Debt issued by securitization vehicles

34,366,098

28,918,753

^[2]

Participations issued

2,553,709

1,932,655

^[2]

U.S. Treasury securities sold, not yet purchased

2,396,724

^[2]

Derivative liabilities

247,968

53,755

^[2]

Payable for unsettled trades

331,586

2,059,386

^[2]

Interest payable

420,764

380,688

^[2]

Dividends payable

562,931

494,881

^[2]

Other liabilities

258,870

272,362

^[2]

Total liabilities

126,762,800

119,449,927

^[2]

Stockholders’ equity

Preferred stock, par value $0.01 per share, 75,000,000 authorized, 74,500,000 issued and outstanding

1,802,480

^[2]

Common stock, par value $0.01 per share, 1,456,750,000 authorized, 750,574,308 and 706,972,452 issued and outstanding, respectively

7,506

7,070

^[2]

Additional paid-in capital

28,886,263

27,927,113

^[2]

Accumulated other comprehensive income (loss)

(557,014)

(488,566)

^[2]

Accumulated deficit

(13,213,859)

(13,157,325)

^[2]

Total stockholders’ equity

16,925,376

16,090,772

^[2]

Noncontrolling interests

53,000

69,139

^[2]

Total equity

16,978,376

16,159,911

^[2]

Total liabilities and equity

$ 143,741,176

$ 135,609,838

^[2]

[1]	(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $8.3 million and $4.1 million at June 30, 2026 and December 31, 2025, respectively.
[2]	(1)Derived from the audited consolidated financial statements at December 31, 2025.
[3]	(3)Excludes $3.7 billion and $3.1 billion at June 30, 2026 and December 31, 2025, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition.
[4]	(4)Includes $2.1 million and $37.1 million of residential mortgage loans held for sale at June 30, 2026 and December 31, 2025, respectively.