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NLY-PI

Annaly Capital Management, Inc.

NLY-PI

Annaly Capital Management, Inc. • NYSE
$25.62 ▲ 0.20% (+0.05)
Market Cap $15.59 B
52w High $25.99
52w Low $24.15
Dividend Yield 2.36%
P/E 14.49
Volume 56.06K
Outstanding Shares 608.48M

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 Q3-2020Q1-2021Q2-2021Q3-2021
Bank Servicing
Bank Servicing
 $20.00M ▲$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 very sensitive to interest rate moves and market swings, which shows up as big year‑to‑year jumps in reported revenue and profit. Over the past few years it has posted both sizable profits and meaningful losses, which is typical for a large mortgage REIT using fair‑value accounting. The broad pattern is that the core business can generate solid income in more stable rate environments, but results can quickly turn when rates move sharply or credit spreads widen. For a preferred holder, this volatility in reported earnings is important mainly as a signal of how well the firm is managing risk over a full cycle, rather than as a smooth growth story.

Balance Sheet

Balance Sheet The balance sheet is large relative to the company’s equity base, reflecting the heavy use of borrowing that is standard in the mortgage REIT model. Assets have grown over time, but book equity has edged down, suggesting some erosion in underlying value as markets have moved against parts of the portfolio in certain years. Debt levels are high versus equity, again typical for this sector, but it means the business is quite leveraged to funding costs and asset values. Cash on hand is modest because the company relies on secured financing rather than idle cash balances to run its strategy.

Cash Flow

Cash Flow Operating cash flow has generally been positive after a difficult period several years ago, indicating that the portfolio is still producing cash even when accounting earnings are bumpy. Free cash flow turned strongly negative in the past during a stress year, then moved back into positive territory, though with some decline more recently. This pattern fits a firm that actively adjusts its portfolio and funding in response to markets, rather than one with a stable, utility‑like cash stream. Capital spending needs are very low, as the main “investment” is in financial assets, not physical property or equipment.

Competitive Edge

Competitive Edge Annaly holds a leading position as one of the largest residential mortgage REITs, which gives it advantages in scale, funding access, and operating efficiency. Its diversified platform across agency mortgages, credit‑sensitive loans, and mortgage servicing rights allows it to shift capital to where management sees the best risk‑adjusted returns. Deep relationships with lenders, broker‑dealers, and mortgage servicers help with sourcing assets and securing financing on competitive terms. Internal management keeps incentives closer to shareholders than externally managed peers. The main challenge is that the broader mortgage REIT space remains highly competitive and closely tied to macro and policy conditions, so maintaining this edge requires constant adjustment.

Innovation and R&D

Innovation and R&D While Annaly does not do “R&D” in the traditional manufacturing sense, it invests heavily in proprietary analytics, risk models, and data systems. Its in‑house tools for portfolio analysis and capital allocation are central to how it manages a complex, leveraged mortgage portfolio. Partnerships with specialized technology providers and a venture arm focused on real‑estate‑related tech give it early access to new servicing and data platforms. The company is also building out expertise and systems around mortgage servicing rights and residential credit, aiming to better hedge interest‑rate risk and diversify income sources. These efforts are more about sharpening decision‑making and risk control than creating new products, but they can be an important quiet driver of performance over time.

Summary

Annaly’s profile is that of a large, highly leveraged mortgage investor whose reported earnings and book value can move sharply with interest rates and credit spreads. Its income statement shows meaningful volatility, but also an ability to generate substantial profits in more favorable environments. The balance sheet is robust in size but thin in equity relative to assets, amplifying both upside and downside. Cash flows are generally positive but lumpy, reflecting an actively managed financial portfolio rather than a steady operating business. Competitively, Annaly benefits from scale, diversification, and strong financing and servicing relationships, supported by ongoing investment in analytics and technology. For holders of its preferred shares, the key issues to watch are how effectively management navigates rate cycles, protects book value, and maintains access to funding, rather than expecting smooth, linear growth.