NLYAnnaly Capital Management, Inc.
Industry Mortgage REIT Updated 25 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$18.35 → $18.35
What the podcasts say
4 bullish · 0 bearish · 1 speaker · 1 showWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
- Bullish
- Bullish
- Bullish
Promises vs. what happened
13 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| The $0.70 dividend stays covered by EAD | Q1 '25 | covered by 3-9% for five quarters | Held |
| Consolidation brings bulk MSR to market in '25 | Q4 '24 | second-largest bulk buyer of the year | Held |
| $385M of committed MSR settles in Q1 '25 | Q4 '24 | settled | Held |
| Specified pools hold prepayments down | Q3 '25 | held | Held |
| Low leverage positions it for volatility | Q1 '25 | held in Q2 '25; Q3 '26 lost 7.6% | Held |
| Banks would come back and buy Agency MBS | Q4 '24 | only "modestly improved" seven quarters later | Late |
| Calling old Non-QM deals adds value | Q3 '25 | partly; no figure given | Late |
| Pennymac takes $12B of MSR to subservice | Q3 '25 | never mentioned again | Dropped |
| The $0.75 dividend is covered by EAD | Q2 '26 | $0.79 and $0.80 against $0.75; open | Open |
| A post-crisis record ~$240B of issuance in '26 | Q4 '25 | market $210B+ to Sep, up ~30%; open | Open |
| Bulk MSR supply continues into '26 | Q4 '25 | ahead of '25 to Sep; open | Open |
| Prepayments slow further from 9.6 CPR | Q3 '26 | open | Open |
| Two Fed cuts priced for '26 | Q4 '25 | became priced hikes by Q2 '26 | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26
CoveragePage one since Q4 '24
LeveragePage one since Q4 '24
AllocationPage one since Q4 '24
SecuritisationPage one since Q4 '24
Equity raisedPage one since Q4 '24
MSR partnersPage one since Q3 '26
Peer comparisonFirst seen Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
EAD covers the dividend
“Annaly generated a ~12% economic return for the year with earnings available for distribution in excess of the dividend”
Deck Fourth Quarter 2024 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly increased the dividend to $0.70 per share, underscoring the strong performance of its diversified housing finance portfolio”
Deck First Quarter 2025 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly generated Q2 earnings in excess of the dividend and delivered a strong economic return for the first half of the year”
Deck Second Quarter 2025 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly delivered a strong economic return and earnings continued to exceed the dividend as the operating environment improved”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly delivered a 20% economic return for the year with earnings available for distribution well covering the dividend”
Deck Fourth Quarter 2025 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly delivered its tenth consecutive quarter of positive economic returns with EAD again outperforming the dividend”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
EAD covers the dividend
“EAD again outperformed the dividend, highlighting the durable earnings power of Annaly’s diversified housing finance portfolio”
Deck Second Quarter 2026 Investor Presentation · p. 3 ·
EAD covers the dividend
“Annaly generated earnings in excess of the dividend amidst the challenging interest rate environment”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly maintained its prudent leverage and liquidity position while declining financing costs supported its earnings profile”
Deck Fourth Quarter 2024 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly was well-positioned for market volatility with its enhanced liquidity position and continued low leverage profile”
Deck First Quarter 2025 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly maintained its low leverage and ample liquidity during the quarter and continued its robust pace of securitization issuance”
Deck Second Quarter 2025 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Enhanced liquidity and maintained prudent leverage during the quarter while opportunistically accessing the capital markets”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly maintained its conservative leverage and liquidity position and furthered its programmatic securitization strategy”
Deck Fourth Quarter 2025 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly maintained a disciplined leverage and liquidity profile, while achieving another record quarter of securitization activity”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly continued to operate with disciplined leverage and ample liquidity, while marking another quarterly securitization record”
Deck Second Quarter 2026 Investor Presentation · p. 3 ·
Leverage and liquidity, described with a new adjective most quarters
“Annaly was defensively positioned for market volatility with its low leverage profile and ample liquidity position”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly’s diversified housing finance model achieved strong results in 2024 across each of its investment strategies”
Deck Fourth Quarter 2024 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly modestly grew its portfolio during the first quarter and remained overweight Agency MBS given robust relative returns”
Deck First Quarter 2025 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly continued to allocate incremental capital to Agency MBS during the quarter given opportunity for returns”
Deck Second Quarter 2025 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Overweight Agency MBS given attractive relative returns while continuing to achieve milestones across Residential Credit and MSR”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly’s diversified housing finance model achieved exceptional results in 2025 across each of its investment strategies”
Deck Fourth Quarter 2025 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly increased its capital allocation to its Residential Credit and MSR portfolios in Q1’26 given attractive relative value”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly’s portfolio delivered strong results in the second quarter, with accretive capital raised largely deployed into Agency MBS”
Deck Second Quarter 2026 Investor Presentation · p. 3 ·
Capital allocation across Agency, Residential Credit and MSR
“Annaly proactively managed its Agency MBS portfolio while continuing the strong pace of activity across its credit businesses”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“ Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall(2) of Prime Jumbo and Expanded Credit MBS, pricing 21 residential whole loan securitizations totaling $11.0 billion in proceeds in 2024”
Deck Fourth Quarter 2024 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“ Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS, pricing 8 residential whole loan securitizations totaling $4.2 billion in proceeds in 2025 year-to-date(2)”
Deck First Quarter 2025 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“ Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS, pricing 15 residential whole loan securitizations totaling $7.6 billion in proceeds in 2025 year-to-date(2)”
Deck Second Quarter 2025 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“ Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS, pricing 24 residential whole loan securitizations totaling $12.4 billion in proceeds in 2025 year-to-date(2)”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“ Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS, pricing 29 residential whole loan securitizations totaling $15.2 billion in proceeds in 2025(2)”
Deck Fourth Quarter 2025 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS (2), pricing 12 residential whole loan securitizations totaling $6.6 billion in proceeds in 2026 year-to-date(3)”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS (2), pricing 25 residential whole loan securitizations totaling $14.2 billion in proceeds in 2026 year-to-date(3)”
Deck Second Quarter 2026 Investor Presentation · p. 3 ·
Onslow Bay securitization scale
“Annaly Residential Credit Group remains the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(2), pricing 37 residential whole loan securitizations totaling $21.2 billion in proceeds in 2026 year-to-date(3)”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“ Raised $1.6 billion of accretive common equity through the Company’s at-the-market sales program in 2024(4)”
Deck Fourth Quarter 2024 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“ Raised $496 million of accretive common equity through the Company’s at-the-market sales program during the quarter(4)”
Deck First Quarter 2025 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“ Raised $761 million of accretive common equity through the Company’s at-the-market sales program during the quarter(3)”
Deck Second Quarter 2025 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“ Raised $1.1 billion of accretive capital during the quarter, including $823 million(3) of common equity through the Company’s at-the-market sales program and $275 million(4) through the issuance of 8.875% Series J fixed-rate cumulative redeemable preferred stock”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“ Raised $2.9 billion of accretive capital in 2025, including $2.6 billion(3) of common equity through the Company’s at-the-market sales program and $275 million(4) of preferred stock”
Deck Fourth Quarter 2025 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“Raised $509 million of accretive common equity through the Company’s at-the-market sales program during the quarter(4)”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“Raised $447 million of accretive common equity through the Company’s at-the-market sales program during the quarter(4)”
Deck Second Quarter 2026 Investor Presentation · p. 3 ·
Accretive equity raised through the ATM
“Raised $757 million of accretive common equity through the Company’s at-the-market sales program during the quarter(4) and announced the redemption of all outstanding shares of our $442.5 million Series I preferred stock(5)”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
MSR growth through named partners and flow purchases
“− Likelihood of large bulk volume in 2025 as we expect continued industry consolidation while the current origination volume outlook has deteriorated”
Deck Fourth Quarter 2024 Investor Presentation · p. 14 ·
MSR growth through named partners and flow purchases
“Entered into strategic subservicing relationship with and agreement to purchase MSR from PennyMac Financial Services, Inc. (“Pennymac”) whereby”
Deck Third Quarter 2025 Investor Presentation · p. 3 ·
MSR growth through named partners and flow purchases
“Annaly was the second largest buyer of MSR in 2025, growing its portfolio by 15% year-over-year, and remains a top 10 Agency MBS servicer with a differentiated portfolio and strong network of subservicing and recapture partners”
Deck Fourth Quarter 2025 Investor Presentation · p. 14 ·
MSR growth through named partners and flow purchases
“Annaly’s MSR portfolio increased 9% quarter-over-quarter to $4.2 billion(5) in market value, representing 21% of dedicated capital, driven by robust bulk and flow purchase activity;”
Deck First Quarter 2026 Investor Presentation · p. 3 ·
MSR growth through named partners and flow purchases
“Flow channel is a growing source of collateral, with record flow purchases in Q2”
Deck Second Quarter 2026 Investor Presentation · p. 7 ·
MSR growth through named partners and flow purchases
“Onslow Bay is the sixth largest non-bank servicer of Agency MBS and the largest purchaser of conventional MSR year-to-date(7)”
Deck Third Quarter 2026 Investor Presentation · p. 3 ·
Diversified platform against mREIT peers
“Annaly's economic return per unit of leverage of 2% is ~30% higher than its mREIT peers on average(3)”
Deck First Quarter 2026 Investor Presentation · p. 8 ·
Diversified platform against mREIT peers
“Annaly’s Diversified Platform Has Generated Strong and Consistent Returns”
Deck Second Quarter 2026 Investor Presentation · p. 8 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Coverage
- First line of the highlights slide in all eight: earnings available for distribution against the dividend, $0.72-0.80 against $0.65-0.75. Never once short, Q3 '26 included, when book value a share fell 11.4%.
- Leverage
- 5.5x-5.9x across the eight quarters under four adjectives — prudent, low, conservative, disciplined. Q3 '26, at 5.9x the highest, called it "low" and Annaly "defensively positioned".
- Allocation
- Agency 55-64%, Residential Credit 17-23%, MSR 19-22% of dedicated capital. Tilted to credit and MSR in Q1 '26, back to Agency in Q2 '26, and Agency at 55%, its lowest, in Q3 '26.
- Securitisation
- Largest non-bank issuer of prime jumbo and expanded-credit MBS in every deck; 37 deals and $21.2bn of proceeds in 2026 to date (four of them priced in October), a record each quarter.
- Equity raised
- $1.6bn in '24, $2.6bn in '25, $1.71bn in the nine months to Sep '26 — $757m of it in Q3 '26, as book value a share fell from $20.15 to $17.86. Called accretive each time, with no per-share figure anywhere in eight decks.
- MSR partners
- Pennymac, named on the Q3 '25 highlights slide, was not followed up; since then the story is flow buying, a record in Q2 and Q3 '26. Onslow Bay went from fifth-largest non-bank servicer of Agency MBS (Q2 '26) to sixth (Q3 '26).
- Peer comparison
- Appears only in Q1 and Q2 '26: return per unit of leverage ~30% above the mREIT average, then cumulative economic return since 2022, +37% against +25% and +18%. Gone from Q3 '26, the quarter the economic return was -7.6%.
- New
- Q3 '26: a GAAP loss of $1.36 a share and an economic return of -7.6%, the first loss on either measure in the eight decks, in the same quarter EAD rose to $0.80.
- Quiet
- The hedge-ratio definition changed in Q4 '25 to exclude only long receiver swaptions, and the ratio went 87% to 100% by Q3 '26. The swap benefit inside the cost of funds, 117bp at Q4 '24, is down to 31bp without a slide saying so.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q3 2026 release · 8-K 20 Oct 2026
- Q2 2026 release · 8-K 21 Jul 2026
- Q1 2026 release · 8-K 21 Apr 2026
- Q4 2025 release · 8-K 28 Jan 2026
- Q3 2025 release · 8-K 22 Oct 2025
- Q2 2025 release · 8-K 23 Jul 2025
- Q1 2025 release · 8-K 30 Apr 2025
- Q4 2024 release · 8-K 29 Jan 2025
- Q3 2024 release · 8-K 23 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | · | 13% | 11% | 7% | 7% | · | · | 4% |
| Growth & sales | · | 4% | · | · | · | · | · | 4% |
| Pricing & margins | 7% | 9% | 5% | 13% | 20% | 15% | 7% | 16% |
| Guidance & outlook | 14% | 22% | 11% | 13% | 20% | 8% | 7% | 8% |
| Capacity & supply | · | 17% | 5% | · | 13% | · | · | 4% |
| Capital & financing | 36% | 13% | 26% | 27% | 13% | 31% | 36% | 24% |
| Competition | 14% | 13% | · | · | · | · | · | 4% |
| Products & technology | 7% | 4% | 5% | 7% | 7% | 8% | · | · |
| Macro & regulation | 7% | 4% | 5% | 7% | 13% | 8% | 7% | · |
| Other | 43% | 52% | 58% | 47% | 47% | 46% | 50% | 64% |
| Questions | 14 | 23 | 19 | 15 | 15 | 13 | 14 | 25 |
| How much the CEO talked | 62% | 57% | 52% | 61% | 58% | 82% | 53% | 41% |
Who’s in charge, who’s selling
read from the filings · 24 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · stable
Funded by selling stock, permanently: $8.33bn in five years, the count 2.09x, book a share down 44%
No repurchase since 2020; $8.33bn of common sold over five years, $2.6bn in 2025 and $955.7m in H1 '26, on a programme refreshed at $2.5bn in Dec '25. Diluted shares 353.7m (2020) to 750.6m (Jun '26). Book value a share $31.88 (Dec '21) to $20.15 (Jun '26) and $17.86 (Sep '26), against $11.52 a share of dividends over 2022-25 — an economic result of about zero across that window, with GAAP return on equity averaging 4.9% over four years and -18.3% in 2023.
Tier 2 · worsening
The dividend is set against a non-GAAP measure Annaly defines, and the part of it that was carry is fading
Earnings available for distribution exceeded GAAP earnings by $6.12 a share over five years — $17.36 against $11.24, 54% — almost all of it in 2023, when EAD was +$2.86 and GAAP -$3.61. Over 2022-25 the dividend was $11.52 against $4.85 of GAAP earnings, 2.4x. The swap carry inside EAD fell from about 77% of it to 35% in a year, and the futures replacing those swaps carry no interest component that enters EAD.
Tier 2 · stable
Raising the capital is written into the chief executive's performance record
The pay committee's list of his 2025 achievements includes "Raised $2.9 billion of accretive capital throughout the year, including $2.6 billion of common equity through the Company's at-the-market sales program and $275 million through the issuance of Annaly's 8.875% Series J preferred stock". Reported 2025 compensation $19,270,629 against a $300,000 median, 64 to 1. No per-share accretion test is stated beside the word "accretive".
Tier 2 · stable
All eleven directors and officers together own 0.14% of the company
1,070,909 shares between them against 750.6m outstanding; every individual is marked as under 1%. The chief executive is the largest at 761,012 shares, about $15.5m, and sells 50,000 twice a year under a plan. BlackRock (7.8%) and Vanguard (6.7%) are the only holders above 5%.
Tier 3 · stable
Fourteen years with the same auditor, a fifth of whose fees are for the securitisation work
EY since 2012, reappointed with its tenure cited among the reasons. 2025 fees: $3,633,500 audit, $271,448 tax and $1,101,000 of "other" — agreed-upon procedures on securitisations, the fastest-growing business — 22% of the $5.0m total outside the audit. Separately, the chief legal officer of twelve years retired effective 2026-01-01 with no reason given, and the role left the executive-officer list.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 26.3M against | 28.6M against | 6.8% in '26 |
| All nine directors (highest: Williams '25, Reeves '26)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 12.0M withheld | 9.3M withheld | 3.4% / 2.2% |
| Finkelstein (CEO)A board seat. | 3.3M against | 2.6M against | 0.6% in '26 |
| Ratify Ernst & YoungThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 7.5M against | 14.4M against | 2.5% in '26 |
| Holder proposal: act by written consentShareholders' right to act between annual meetings. A lower threshold to call a special meeting, or the right to act by written consent, lets a group of shareholders force a vote without waiting a year. More shareholder power; boards usually oppose it. Here the number is the votes for it. | 26.6% for | 29.7% for | rejected twice, and rising |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Mar-Sep 2026 | Sold | Note |
|---|---|---|
| Finkelstein, chief executive | $2.29M | two 50,000-share blocks, Apr and Aug, both 10b5-1; 761,012 held after |
| Wolfe, chief financial officer | $0.37M | 16,537 shares on 4 May, 10b5-1; 200,964 held after |
| Purchases by anyone | none | no insider bought on the open market in the window |