Annaly Capital Management
Annaly Capital Management is a leading diversified capital manager that invests in residential mortgage finance and related real estate assets. The company operates as an internally-managed REIT, utilizing a shared capital model to rotate investments across various mortgage-backed strategies to optimize risk-adjusted returns. Its core value proposition centers on generating net income for distribution through the spread between asset yields and borrowing costs.
Financials
Based on Q1 2026 filing
Business Segments
Annaly Agency Group
primaryInvests in Agency mortgage-backed securities (MBS) and commercial MBS guaranteed by government-sponsored enterprises. This segment focuses on high-liquidity assets with minimal credit risk due to federal guarantees.
Agency MBS, Agency CMBS, To-be-announced forward contracts (TBAs), Collateralized mortgage obligations (CMOs), Interest-only securities, Inverse floaters
Government-sponsored enterprises, Institutional investors
Annaly Residential Credit Group
majorInvests in non-Agency residential whole loans and securitized products within the residential and commercial markets. This group utilizes a proprietary securitization platform to manage credit-sensitive assets.
Non-Agency residential whole loans, Residential MBS, Credit risk transfer securities (CRT), OBX securitizations
Mortgage originators, Aggregators, Institutional credit investors
Annaly Mortgage Servicing Rights Group
majorInvests in the rights to service residential mortgage loans in exchange for a portion of interest payments. This segment provides a hedge against certain interest rate environments and diversifies the portfolio's income streams.
Mortgage Servicing Rights (MSR)
Mortgage servicers, Sub-servicing partners
Segment Financials
Agency — Total Assets
View metricAgency — Interest Income
View metricAgency — Interest Expense
View metricResidential Credit — Total Assets
View metricResidential Credit — Interest Income
View metricResidential Credit — Less: Total general and administrative expenses
View metricMSR — Interest Income
View metricMSR — Interest Expense
View metricMSR — Total Assets
View metricBusiness Overview
Competitive Position
Annaly is one of the largest and most diversified mortgage REITs, distinguished by its scale, internal management structure, and multi-asset class investment platform.
Geographies
United States
Customer Segments
Financial institutions, Institutional investors, Mortgage originators
Upstream Dependencies
Short-term credit markets, Repurchase agreement counterparties, Mortgage originators, Government agencies (Fannie Mae, Freddie Mac, Ginnie Mae)
Downstream Customers
Common and preferred stockholders, Institutional buyers of securitized debt
Competitors & Partners
Competitors
AGNC Investment Corp.
AGNC
Peer Agency-focused mortgage REIT
Rithm Capital
RITM
Peer diversified mortgage REIT with significant MSR holdings
ARMOUR Residential REIT
ARR
Peer mortgage REIT focused on Agency MBS
Ellington Financial Inc.
EFC
Peer mortgage REIT focused on Agency and non-Agency assets
New York Mortgage Trust
ADAM
Major mortgage REIT competitor in Agency and residential credit markets.
Invesco Mortgage Capital
IVR
Peer mortgage REIT
Chimera Investment Corp.
CIM
Major mortgage REIT competitor
Dynex Capital
DX
Peer mortgage REIT investing in Agency and non-Agency assets
Angel Oak Mortgage
AOMR
Major mortgage REIT competitor.
Cherry Hill Mortgage Investment
CHMI
Peer mortgage REIT focused on RMBS
MFA Financial
MFA
Peer mortgage REIT investing in residential assets
Two Harbors Investment Corporation
TWO
Peer mortgage REIT competitor
TPG Mortgage Investment Trust
MITT
Peer mortgage REIT focused on residential mortgage-backed securities.
Starwood Property Trust
STWD
Peer diversified real estate finance company
PennyMac Mortgage Investment Trust
PMT
Mortgage REIT competitor
Orchid Island Capital
ORC
Peer mortgage REIT focused on Agency RMBS
Partners
GIC Private Limited
Joint venture partner for investing in residential credit assets and subsidiary-issued securities
Fifth Wall Ventures
Venture capital partner for real estate technology and software investments
Ginnie Mae
Agency MBS guarantor
Fixed Income Clearing Corporation
Central counterparty for repo funding services
Subsidiaries
Onslow Bay Financial LLC
Wholly-owned subsidiary acting as a correspondent channel and securitization sponsor
Arcola Securities, Inc.
Wholly-owned FINRA member broker-dealer providing direct access to repo funding
Annaly Capital Management FAQ
Common questions about Annaly Capital Management
Annaly Capital Management is a leading diversified capital manager that invests in residential mortgage finance and related real estate assets. The company operates as an internally-managed REIT, utilizing a shared capital model to rotate investments across various mortgage-backed strategies to optimize risk-adjusted returns. Its core value proposition centers on generating net income for distribution through the spread between asset yields and borrowing costs.
Annaly Capital Management (NLY) has a market capitalization of $15.8B and trades on NYSE.
Annaly Capital Management generated $6.4B in trailing twelve-month revenue with net income of $2.2B, representing a net margin of 34.3%. These figures are based on the Q1 2026 filing.
Annaly Capital Management's key competitors include AGNC Investment Corp., Rithm Capital Corp., ARMOUR Residential REIT, Inc., and others. These companies compete in similar markets and product categories.
Annaly Capital Management has approximately 187 employees.