Annaly Capital Management, Inc. NLY
Annaly Capital Management, Inc. (NLY) operates as a multifaceted financial firm, specializing in managing capital across various sectors. Its core business encompasses mortgage-related investments and lending to middle-market corporations. NLY strategically deploys capital across a diverse range of assets, including government-sponsored (Agency) and privately-issued (non-Agency) mortgage-backed securities, residential and commercial mortgage loans, mortgage servicing rights, credit risk transfer instruments, corporate debt, and other commercial real estate investments. Operating as a Real Estate Investment Trust (REIT), Annaly benefits from a particular tax structure. This designation exempts it from federal corporate income tax, provided it distributes the majority of its taxable earnings to its investors. Established in 1996, the firm's corporate headquarters are located in New York City.
Snapshot
Reported FFO / EAD / leverage are from the Q1 2026 earnings release (filed 2026-04-21) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $6.70B | $2.03B | $2.69M | $6.87B | $692.91M |
| 2024 | $6.36B | $1.00B | $30.36M | $5.65B | $3.31B |
| 2023 | $5.61B | $-1.64B | $24.81M | $2.27B | $2.37B |
| 2022 | $4.15B | $1.73B | $20.51M | $3.10B | $5.37B |
| 2021 | $751.40M | $2.39B | $24.64M | $2.67B | $3.08B |
| 2020 | $1.48B | $-891.16M | $22.70M | $3.62M | $527.97M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-31 | 2026-06-10 | $0.75 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-30 | 2026-03-12 | $0.70 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-30 | 2025-12-10 | $0.70 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-31 | 2025-09-10 | $0.70 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-31 | 2025-06-04 | $0.70 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-30 | 2025-03-13 | $0.70 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-31 | 2024-12-05 | $0.65 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-31 | 2024-09-10 | $0.65 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-31 | 2024-06-05 | $0.65 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-30 | 2024-03-14 | $0.65 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-31 | 2023-12-07 | $0.65 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-31 | 2023-09-07 | $0.65 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-31 | 2023-06-07 | $0.65 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-28 | 2023-03-14 | $0.65 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-31 | 2022-12-08 | $0.88 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-31 | 2022-09-08 | $0.88 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-29 | 2022-06-08 | $0.22 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-29 | 2022-03-17 | $0.22 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-31 | 2021-12-09 | $0.22 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-29 | 2021-09-09 | $0.22 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-30 | 2021-06-09 | $0.22 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-30 | 2021-03-17 | $0.22 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-29 | 2020-12-10 | $0.22 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-30 | 2020-09-10 | $0.22 | Quarterly |
Coverage (payout of operating cash flow): 277.54%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.