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NLY-PG

Annaly Capital Management, Inc.

NLY-PG

Annaly Capital Management, Inc. • NYSE
$25.25 ▼ -0.02% (-0.01)
Market Cap $13.70 B
52w High $25.73
52w Low $23.01
Dividend Yield 2.16%
P/E 14.28
Volume 43.76K
Outstanding Shares 542.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.157B ▲ $61.933M ▲ $832.445M ▲ 38.585% ▲ $1.27 ▲ $2.074B ▲
Q2-2025 $1.789B ▲ $50.018M ▲ $57.099M ▼ 3.192% ▼ $0.032 ▼ $1.216B ▲
Q1-2025 $244.538M ▼ $48.064M ▲ $124.224M ▼ 50.799% ▼ $0.148 ▼ $0
Q4-2024 $539.105M ▲ $43.974M ▲ $482.052M ▲ 89.417% ▲ $0.779 ▲ $0
Q3-2024 $133.125M $43.921M $66.445M 49.912% $0.048 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $320.347M ▲ $125.862B ▲ $110.865B ▲ $14.911B ▲
Q2-2025 $267.077M ▼ $112.142B ▲ $98.668B ▲ $13.381B ▲
Q1-2025 $296.938M ▼ $105.115B ▲ $92.031B ▲ $12.995B ▲
Q4-2024 $2.35B ▲ $103.556B ▲ $90.859B ▲ $12.609B ▲
Q3-2024 $324.217M $101.516B $88.976B $12.443B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $843.063M ▲ $24.094M ▼ $-11.82B ▼ $11.834B ▲ $37.851M ▼ $-292.198M ▼
Q2-2025 $60.371M ▼ $180.74M ▲ $-7.313B ▼ $7.357B ▲ $225.317M ▼ $141.919M ▲
Q1-2025 $130.305M ▼ $-156.266M ▼ $1.663B ▲ $-1.161B ▼ $345.501M ▲ $-543.413M ▼
Q4-2024 $473.076M ▲ $2.808B ▲ $-6.25B ▼ $3.369B ▼ $-72.132M ▼ $2.647B ▲
Q3-2024 $82.351M $-1.673B $-4.429B $6.075B $-26.949M $-1.738B

Revenue by Products

Product Q4-2020Q1-2021Q2-2021Q3-2021
Bank Servicing
Bank Servicing
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Interests In Mortgage Servicing Rights
Interests In Mortgage Servicing Rights
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Annaly’s earnings profile is inherently volatile, and the past few years show that clearly. Revenue and reported profits swing meaningfully with changes in interest rates, funding costs, and the accounting marks on its mortgage portfolio. The company has produced solid profits in some years and notable losses in others, which is typical for a leveraged mortgage REIT but still a key risk. Overall, the business can generate strong income in favorable rate environments, but results are highly sensitive to market conditions, and headline profit figures can move sharply from year to year.

Balance Sheet

Balance Sheet The balance sheet is large and heavily built around mortgage-related assets financed with substantial borrowings, which is standard for this type of company. Equity has stayed relatively steady over time, suggesting the firm has managed to preserve a meaningful capital base despite market swings. Cash on hand is modest compared with total assets, reflecting reliance on wholesale funding and secured borrowing markets. The structure highlights both Annaly’s scale advantage and its core risk: significant leverage makes performance and book value very sensitive to interest rate and spread movements.

Cash Flow

Cash Flow Underlying cash generation from operations has generally been positive, which supports the company’s ability to pay financing costs and preferred dividends over time. Free cash flow has been positive in most recent years, with only occasional periods of stress, reflecting how market shocks can temporarily disrupt cash patterns. Capital spending needs are low because this is a financial asset business, not a heavy industrial one, so most cash flow decisions revolve around portfolio positioning, leverage levels, and capital returns rather than physical investment.

Competitive Edge

Competitive Edge Annaly holds a strong position as one of the largest mortgage REITs, and that scale matters. It gives the firm better access to funding, broader deal flow, and the ability to build a diversified portfolio across agency mortgages, non‑agency credit, and mortgage servicing rights. This diversification can help cushion the impact of shifting rate and housing cycles, as some assets tend to perform better when others face pressure. Deep relationships with originators and financiers, along with long experience across multiple cycles, further support its standing. The trade‑off is that the business remains structurally exposed to macro conditions and policy changes, so its advantages mitigate but do not eliminate risk.

Innovation and R&D

Innovation and R&D Annaly is not doing traditional lab-style R&D, but it is investing in data, technology, and partnerships to sharpen its edge. The adoption of enterprise data management tools is aimed at cleaner, faster, and more reliable information to guide investment and risk decisions. Its partnership with a real estate technology venture firm gives it early visibility into emerging property and mortgage tools, which may enhance efficiency or open new opportunity sets over time. The main innovation focus is on better analytics, modeling, and risk management rather than new physical products, which fits the nature of a mortgage REIT.

Summary

NLY‑P G represents preferred exposure to a large, highly leveraged mortgage REIT whose fortunes are closely tied to interest rate trends and the health of mortgage markets. The company combines substantial scale, diversification across several mortgage asset types, and a growing emphasis on data‑driven decision making, all of which support its resilience relative to smaller peers. At the same time, earnings, book value, and reported results can be quite volatile, reflecting both leverage and the mark‑to‑market nature of its assets. The story here is of a specialized financial operator with meaningful structural strengths, balanced by ongoing sensitivity to funding conditions, regulatory shifts, and macroeconomic cycles.