Annaly Capital Management (NLY)
Invests in Agency mortgage securities, residential credit, and mortgage-servicing rights.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 17, 2026 | BTIG | Target | Target: $25 | Target: $24 |
| Apr 24, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $23 |
| Feb 5, 2026 | RBC Capital | Reiterate | Rating: —Target: $23 | Target: $25 |
| Jan 30, 2026 | Barclays | Reiterate | Rating: —Target: $23 | Target: $24 |
| Jan 29, 2026 | Wells Fargo | Target | Target: $23 | Target: $25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.91B · Total debt $124.94B · Total assets $143.74B · Shareholders' equity $16.93B
- Revenue
- $2.23B
- Operating income
- $2.16B
- Net income
- $822.7M
HistoryDividendAnnual yieldUpcoming
| Institutions | 58.80% | 443.17M shares | |
|---|---|---|---|
| 810 holders · as of Jun 30, 2026 | |||
| Insiders | 0.18% | 1.39M shares | |
| 5 holders · as of Aug 4, 2026 | |||
| Other | 41.02% | 309.15M shares | |
| remainder | |||
753.71M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.57% | 87.22M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.37% | 32.90M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.15% | 31.25M | as of Jun 30, 2026 |
State Street CorpInstitution | 3.90% | 29.43M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.76% | 20.82M | as of Jun 30, 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 |
- AGNC
Agency-focused mortgage REIT with a small mortgage-credit portfolio
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Annaly Capital Management | $21.47 | +0.75% | $16.06B | 5.3 | 6.9 | 2.2 | −50.1% |
| AGNC | $10.03 | +0.60% | $11.44B | 5.1 | 6.6 | 3.7 | — |
| Rithm Capital | $9.70 | +1.57% | $5.33B | 15.9 | 4.4 | 0.9 | +205.4% |
| MFA Financial | $8.55 | +1.12% | $862.7M | 7.0 | 6.7 | 1.1 | −4.4% |
| Median | 7.0 | 6.6 | 1.1 | +100.5% |